Kimbell Royalty Partners LP (NYSE: KRP) promoted Matthew S. Daly to COO, effective immediately, the Fort Worth, Texas-based company said May 17.

Daly joined Kimbell in September 2016 as senior vice president of corporate development, where he played a "major role" in the company's transition from a private to public company, said Davis Ravnaas, Kimbell's president and CFO.

"In the newly created chief operating officer role, we expect Matt to help us continue to enhance all aspects of our business and daily operations, with a goal of maximizing the value of our existing portfolio of royalty assets and growing the business through our disciplined acquisition strategy," Ravnass said in a statement.

In his new role, Daly will be responsible for all aspects of Kimbell's day-to-day operations and will report directly to Ravnaas, according to the company release.

Prior to joining Kimbell, Daly spent 11 years in investment management, most recently at Kleinheinz Capital Partners Inc. and Hirzel Capital Management LLC. He was also chairman of Delta Biofuels Inc., a portfolio company of Kleinheinz Capital Partners Inc. 

Previously, Daly was an investment banker at Wasserstein Perella & Co. in New York City and later Lazard Frères & Co., where he was a vice president in the M&A group. He began his career at Arthur Andersen LLP in Dallas. He has a BBA from the University of Texas at Austin and an MBA from the Booth School at the University of Chicago.

Kimbell Royalty Partners owns mineral and royalty interests in about 5.6 million gross acres in 20 states and in nearly every major onshore basin in the continental U.S., including ownership in more than 50,000 gross producing wells with over 29,000 wells in the Permian Basin, the release said.