KRPHIGH SIGNALFINANCIAL10-K

KRP shows a massive 551% increase in capital expenditure alongside 259% operating income growth, but interest expense nearly doubled and net losses worsened significantly to -$62.2M.

The dramatic increase in operating income paired with worsening net losses suggests KRP is in an aggressive growth phase but struggling with debt servicing costs. The removal of material weakness language is positive, but the 78% jump in total liabilities and near-doubling of interest expense indicates substantial new debt financing that's pressuring profitability.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

KRP's financials reflect a capital-intensive expansion strategy with mixed results - while operating income surged 259% and cash grew 29%, the company took on significant new debt (total liabilities up 78%) that drove interest expense up 88% and deepened net losses to -$62.2M from -$17.8M. Capital expenditure jumped 552% to $404K, indicating active investment in assets, but the debt burden is clearly weighing on bottom-line performance. The overall picture suggests a company in growth mode but facing profitability challenges from high leverage.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+551.8%
$62K$404K

Capital expenditure jumped 551.8% — major investment cycle underway; assess returns on deployment.

Operating Income
P&L
+259.1%
$37.0M$132.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
-249.7%
-$17.8M-$62.2M

Net income declined 249.7% — review whether driven by operations, interest costs, or non-recurring items.

Interest Expense
P&L
+87.8%
$13.8M$26.0M

Interest expense surged 87.8% — significant debt increase or rising rates materially impacting earnings.

Total Liabilities
Balance Sheet
+77.9%
$256.4M$456.2M

Liabilities grew 77.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Cash & Equivalents
Balance Sheet
+28.7%
$34.2M$44.0M

Cash grew 28.7% — improving liquidity position supports investment and shareholder returns.

Current Liabilities
Balance Sheet
-19.7%
$12.7M$10.2M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of February 20, 2026, the registrant had outstanding 93,396,488 common units representing limited partner interests and 14,491,540 Class B units representing limited partner units.
trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.
As of December 31, 2025, the estimated proved oil, natural gas and NGL reserves attributable to our interests in our underlying acreage were 72,944 MBoe (51.2% liquids, consisting of 30.1% oil and 21.1% NGLs) based on the reserve report prepared by Ryder Scott Company, L.P.
As of December 31, 2025, there were approximately 1,300 operators actively producing on our acreage, with our top ten operators (Conoco Phillips, Vital Energy, EOG Resources, Inc., Occidental Petroleum, Diamondback E P LLC, CPX Energy Operating LLC, Pioneer Natural Resources Company, Devon Energy Production Company, Ovintiv Exploration Inc.
and Verdun Oil Company) together accounting for approximately 47.1% of our revenues.
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REMOVED
As of February 21, 2025, the registrant had outstanding 92,502,231 common units representing limited partner interests and 14,491,540 Class B units representing limited partner units.
We previously identified a material weakness in our internal control over financial reporting that could have resulted in material misstatements in our financial statements.
All information as of December 31, 2024 excludes the assets acquired in the Boren Acquisition, which is described in Management s Discussion and Analysis of Financial Condition and Results of Operations Recent Developments Acquisitions.
As of December 31, 2024, the estimated proved oil, natural gas and NGL reserves attributable to our interests in our underlying acreage were 67,541 MBoe (49.6% liquids, consisting of 29.6% oil and 20.0% NGLs) based on the reserve report prepared by Ryder Scott Company, L.P.
As of December 31, 2024, there were approximately 1,400 operators actively producing on our acreage, with our top ten operators (Vital Energy, Occidental Petroleum, Pioneer Natural Resources Company, EP Energy E P Company, L.P., Verdad Oil Gas, Chesapeake Operating, Inc., EOG Resources, Inc., XTO Energy, Inc., SWN Production Company LLC and Comstock Oil Gas, Inc.) together accounting for approximately 41.2% of our revenues.
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