KRPHIGH SIGNALFINANCIAL10-K

KRP's total liabilities grew substantially while interest expense roughly doubled, indicating significant debt financing activity.

The dramatic increase in total liabilities combined with meaningfully higher interest expense suggests KRP has taken on substantial new debt obligations, likely to fund acquisitions or expansion activities. While cash reserves increased modestly, the scale of new liabilities raises questions about the company's leverage strategy and debt service capacity going forward.

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

KRP's balance sheet underwent significant changes with total liabilities increasing substantially from $256.4M to $456.2M. Interest expense roughly doubled from $13.8M to $26.0M, reflecting the cost of this additional debt burden. The company maintained adequate liquidity with cash growing modestly to $44.0M and current liabilities actually declining, but the overall picture signals a major financing event that investors should monitor closely for its impact on future cash flows and financial flexibility.

FINANCIAL STATEMENT CHANGES
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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