Kimbell Royalty Partners LP : Summer 2026 Investor Presentation

Published: 2026-05-07 07:26:29 ET KRP

Published on 05/07/2026 at 07:26 am EDT

Summer 2026 Investor Presentation

Company Overview and History

Kimbell Overview

Kimbell is a pure play mineral company offering a unique 10.6% annualized cash distribution yield(1)

Company Overview

Investment Highlights

High Quality, Diversified Asset Base

12+ years of drilling inventory remaining(3)

Shallow PDP decline rate of approximately 14%(4)

Net Royalty Acre position of approximately 158,353 acres(2) across multiple producing basins provides diversified scale

Attractive Tax Structure

Approximately 72% of the distribution to be paid on May 27, 2026 is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell, and should not constitute dividends for U.S. federal income tax purposes(5)

Prudent Financial Philosophy

Net Debt / TTM Adjusted EBITDA of 1.6x as of 3/31/2026

Actively hedging for two years representing approximately 16% of current production

Significant insider ownership with approximately 10% of the company owned by management, board and affiliates ensures shareholder alignment(6)

Positioned as Natural Consolidator

Kimbell will continue to opportunistically target high quality positions in the highly fragmented minerals arena

Significant consolidation opportunity in the minerals industry with approximately $867 billion(7) in market size and limited public participants of scale

Provides ownership in diversified, high margin, stable assets with zero capital requirements needed to support resilient free cash flow

Interests in over 133,000 gross wells across over 17 million gross acres in the US, including highest growth shale basins and stable conventional fields(2)

~98% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions(2)

Since IPO in 2017, Kimbell has completed over $2.0 billion in M&A transactions, grown run-rate average daily production by over 8x, and returned 77% of $18.00/unit IPO price via quarterly cash distributions

Kimbell Mineral and Royalty Assets

Cash distribution yield reflects annualized Q1'26 distribution. Unit price calculated as of 4/30/2026.

Well count, M&A, and acreage numbers include mineral interests and overriding royalty interests.

Based on estimated major and minor upside net locations of 86.01 divided by estimated 6.8 net wells completed

4 per year to maintain flat production. See pages 9-11 and 37 for additional detail.

Estimated 5-Year PDP average decline rate on a 6:1 basis.

Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change, including with respect to prior quarters.

As of 3/31/26. Does not include Kimbell's Series A preferred units on an as-converted basis.

Midpoint of market size estimate range. Based on production data from EIA and spot price as of 4/7/2026. Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 18.75%. Assumes a 10x multiple on cash flows to derive total market size. Excludes natural gas liquids ("NGLs") value and overriding royalty interests.

Q1 2026 Highlights

In Q1'26, Kimbell generated $82.9 million in Oil, Natural Gas and NGL Revenues, $68.0 million Consolidated Adjusted EBITDA, with run-rate average daily production of 25,522 Boe/d (6:1)

Q1'26 Snapshot

Q1'26 Revenue by Basin

Q1 2026 run-rate average daily production of 25,522 Boe/d(1)

Q1 2026 oil, natural gas and NGL revenues of $82.9 million

Q1 2026 net income of approximately $6.9 million and net income attributable to common units of approximately $4.0 million

Q1 2026 consolidated Adjusted EBITDA of $68.0 million

Cash distribution of $0.41 per common unit

85 active rigs drilling on Kimbell's acreage, representing approximately 16% market share of U.S. land rig count(2)

Conservative Net Debt to TTM Consolidated Adjusted EBITDA of 1.6x

Rockies 4% Appalachia 4%

Other 4%

Bakken 5%

Eagle Ford 7%

$82.9 mm

Haynesville 10%

Mid-Continent 17%

Permian 49%

Q1'26 Run-Rate Production by Basin(1)

Capitalization Table(3)

Common Units Outstanding

98,652,268

Class B Units Outstanding(4)

9,122,322

Total Units Outstanding

107,774,590

Unit Price

$15.40

Market Capitalization

$1,659,728,686

Total Debt

$440,900,000

Cash and Cash Equivalents

(37,161,369)

Net Debt

$403,738,631

Series A Cumulative Convertible Preferred Units

$162,500,000

Enterprise Value

$2,225,967,317

Q1 2026 Consolidated Adjusted EBITDA

$67,999,393

TTM Consolidated Adjusted EBITDA(5)

$258,933,688

Net Leverage Ratio

1.6x

Tax Status:

1099-DIV/ No K-1

Annualized Cash Distribution Yield(6)

10.6%

BakkenRockies

Other 4% 4%

Appalachia 6%

Eagle Ford 6%

Permian 43%

Haynesville 13%

25,522 Boe/d

Mid-Continent 20%

Shown on a 6:1 basis.

Based on Kimbell rig count as of 3/31/2026 and Baker Hughes U.S. land rig count of 530 as of 3/27/2026.

Unit price, unit count and yield calculated as of 4/30/2026. All other financial and operational information are

5 as of 3/31/2026.

A Class B unit is exchangeable together with a common unit of Kimbell's operating company for a KRP common unit.

Please reference page 38 for consolidated adjusted EBITDA non-GAAP reconciliation.

Reflects the annualized Q1'26 distribution.

Kimbell's Track Record Since IPO

$2.90

$0.41

$11.85 $1.57

$10.13 $1.72

$8.45 $1.68

$6.46

$1.99

$13.42

$4.46

$5.14

$0.68

$1.32

$11.85

$10.13

Kimbell has returned ~77% of

$18.00/unit IPO price via cash distributions since 2017

$8.45

$1.56

$6.46

$1.20

$5.14

$1.70

$4.46

$2.90

$1.20

Invested in M&A since IPO

# of major M&A transactions closed since IPO

11 $2.0Bn

Reduced Cash G&A / Boe by ~69% since IPO(2)

Gross acres acquired since IPO(1)

~12.5mm $2.31/Boe

Selected Acquisitions

Cash Distribution Growth

Transaction

Size / Consideration

$455mm

Cash

$444mm

Cash & Equity

$271mm

Cash & Equity

$230mm

Cash

September 2023

July 2018

December 2022

January 2025

$13.42 $13.83

Close Date

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 YTD 2026

Prior Cumulative Distributions Quarterly Distributions

Run-Rate Average Daily Production Growth (Boe/d)(3)

24.3 24.7 24.1 23.8 24.1 25.5 25.4 25.5 25.6 25.5

19.8

12.0 11.8 12.8 12.8 12.6

14.1 14.2 14.1 13.7 14.0 14.1 14.0 14.4 14.9 15.0 15.4

17.0 17.6

8.5

10.1

3.1 3.1 3.3

3.5

3.7 3.6

Kimbell has grown run-rate average daily production by

~8x since IPO

Source: Company filings and presentations.

Acreage numbers include mineral interests and overriding royalty interests.

6 (2) Q1 2026 Cash G&A per Boe.

(3) Boe shown in thousands, and on a 6:1 basis.

Full Year 2026 Guidance

Assuming Mid-Points of Guidance, Kimbell expects attractive risk-adjusted cash distribution yield(1)

FY 2026 Guidance

Estimated Q2 Annualized Cash Distribution / Common Unit @ 75% Payout Ratio (2)

24.0 - 27.0 Mboe/d (6:1)

Net Production

Oil Price ($/Bbl)

$75.00

$80.00

$85.00

$90.00

$95.00

$100.00

$105.00

Nat Gas Price ($/Mcf)

$2.00

$1.48

$1.58

$1.67

$1.77

$1.86

$1.95

$2.05

30% - 34%

Oil Production - % of Net Production

$2.50

$1.53

$1.62

$1.72

$1.81

$1.91

$2.00

$2.10

$3.00

$1.58

$1.67

$1.77

$1.86

$1.95

$2.05

$2.14

46% - 50%

Natural Gas Production - % of Net Production

$3.50

$1.63

$1.72

$1.81

$1.91

$2.00

$2.10

$2.19

$4.00

$1.67

$1.77

$1.86

$1.96

$2.05

$2.14

$2.24

18% - 22%

NGL Production - % of Net Production

$4.50

$1.72

$1.81

$1.91

$2.00

$2.10

$2.19

$2.29

$5.00

$1.77

$1.86

$1.96

$2.05

$2.14

$2.24

$2.33

$1.40 - $2.20

Marketing and Other Expense ($/boe)

Estimated Q2 Annualized Distribution Yield @ 75% Payout Ratio

$2.45 - $2.65

Cash G&A ($/boe)

Oil Price ($/Bbl)

$75.00

$80.00

$85.00

$90.00

$95.00

$100.00

$105.00

$13.00 - $20.00

Depreciation & Depletion Expense ($/boe)

Nat Gas Price ($/Mcf)

$2.00

9.6%

10.2%

10.9%

11.5%

12.1%

12.7%

13.3%

$2.50

9.9%

10.6%

11.2%

11.8%

12.4%

13.0%

13.6%

$3.00

10.2%

10.9%

11.5%

12.1%

12.7%

13.3%

13.9%

6.0% - 8.0%

Production and ad valorem taxes (% of Oil, Natural Gas, and NGL Revenues)

$3.50

10.6%

11.2%

11.8%

12.4%

13.0%

13.6%

14.2%

$4.00

10.9%

11.5%

12.1%

12.7%

13.3%

13.9%

14.5%

75%

Payout Ratio

$4.50

11.2%

11.8%

12.4%

13.0%

13.6%

14.2%

14.8%

$5.00

11.5%

12.1%

12.7%

13.3%

13.9%

14.5%

15.2%

Source: Management Guidance as of 2/26/2026. Per Unit metrics assume 98,652,268 common units, 9,122,322 Class B units, and $162.5 million face value of 6.00% Series A Cumulative Convertible Preferred Units outstanding.

7 (1) Cash distribution yield reflects annualized Q2 2026 distributions, assuming 75% payout ratio. Distribution yield calculated based on unit price as of 4/30/2026.

Other assumptions include existing hedges, $250k lease bonus revenue / quarter, and realized oil, natural gas, and NGL differentials consistent with Average LTM results. Cash

interest expense assumes 25% of expected Cash Available for Distribution will be used to pay down RBL facility.

Superior Value Proposition

Kimbell compares favorably on key traditional investment metrics to publicly traded companies across various industries

Offers unique combination of tax advantaged dividend yield with a strong balance sheet

(~6,100 companies)

>10%

>$1.6 Billion

<21%

Expected Tax Deferred Dividend

381 companies

30 companies

2 companies

Source: Bloomberg as of 4/30/2026.

Dividend yield is defined as a company's most recent quarterly distribution annualized divided by such company's current share price.

8 (2) Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change.

Portfolio Overview by Basin

Kimbell's portfolio consists of high-quality oil and gas assets across almost every major basin in the U.S. We believe the portfolio represents a balanced mix of liquids vs. gas with high levels of activity from some of the top operators in the industry.

Permian

Eagle Ford

Haynesville

Mid-Continent

Bakken

Appalachia

Rockies

Other (1)

Total

Gross | Net Undeveloped Locations(2)(3)

4,446 | 32.50

1,242 | 12.76

911 | 11.61

2,056 | 10.73

1,308 | 2.50

230 | 2.03

148 | 0.98

N/A

10,341 | 73.11

Gross | Net Drilled but Uncompleted wells ("DUCs")(3)(4)

587 | 3.08

37 | 0.24

70 | 0.38

100 | 0.43

87 | 0.19

8 | 0.03

8 | 0.04

N/A

897 | 4.39

Gross | Net Permits(3)(4)

379 | 1.60

15 | 0.07

19 | 0.23

70 | 0.44

67 | 0.07

2 | 0.03

6 | 0.02

N/A

558 | 2.46

Q1 2026 Production,

% of Total

43%

13%

20%

100%

Q1 2026

Production Mix

Oil Gas NGL

25%

73% 48%

Liquids

27%

22%

66% 44%

Liquids

34%

2% 5%

Liquids

93%

16%

29%

45%

Liquids

55%

19%

77%

Liquids 58%

23%

11% 3%

14%

Liquids

86%

18%

33%

50%

Liquids

50%

13%

32%

45%

Liquids

55%

21%

32%

52%

Liquids

48%

Avg. Gross Horizontal wells per Drilling Spacing Unit ("DSU")(5)

12.0

6.9

5.9

6.8

8.5

7.6

10.5

N/A

8.3

Rigs(4)

Top Operators

Note: Includes only horizontal locations. Q1'26 average daily production is shown on a 6:1 basis. Numbers may not add due to rounding.

Represents Kimbell's minor basins in this presentation. Includes basins such as Uinta, San Juan, Barnett, as

9 well as other miscellaneous conventional properties.

Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve

definitions based on internal reserves database as of 12/31/2025). Excludes DUCs and small interest wells (minor properties).

Locations only include Kimbell's major properties in major basins and do not include minor properties, which generally have less than 0.1% net revenue interest and are time consuming to quantify, but in the estimation of Kimbell's management could add up to an additional 15% to Kimbell's net inventory in the aggregate.

As of 3/31/2026.

Gross horizontal wells per DSU from internal reserves database as of 12/31/2025, DSU sizes vary.

Portfolio Transparency & Defining Upside Potential

Kimbell's acreage position contains over 12 years(1) of drilling inventory across its major and minor(2) properties

Portfolio Transparency & Defining Upside Potential

We believe that Kimbell is known for its superior proved developed producing ("PDP") reserves and five-year average PDP decline rate of 14%, but upside potential from its extensive drilling inventory is not fully appreciated by the market

As of December 31, 2025, we had identified 10,341 gross / 73.11 net (100% NRI) total upside locations(3) on major(2) properties alone. Major properties comprise approximately 85% of our portfolio. Management estimates that minor(2) properties can potentially add up to 15% to our net inventory, which implies our total upside inventory could potentially be as high as 86.01 net locations

Kimbell applied conservative spacing assumptions relative to our peers, averaging 12 gross horizontal wells/DSU in the Permian. The Permian, Eagle Ford, Haynesville and Mid-Con account for approximately 92% of the total undrilled net inventory in Kimbell's portfolio

Kimbell estimates that only 6.8 net wells are needed per year to maintain production, which reflects over 12 years of drilling inventory including the major and minor locations

Virtually no upside locations on federal (BLM) acreage, or in Colorado or California

As of March 31, 2026, Kimbell had 897 gross / 4.39 net DUCs and 558 gross / 2.46 net permitted locations on its major(2) properties alone

Note: All inventory figures as of December 31, 2025. See page 37 in appendix for further details on process and methodology.

Reflects 86.01 net (100% NRI) total upside locations on major and minor properties divided by estimated 6.8 net wells completed to maintain flat production.

10 estimation of Kimbell's management could add up to an additional 15% to Kimbell's net inventory in the aggregate. For a description of major properties and basins, see page 9.

Does not include DUC inventory.

Upside Location Drilling Inventory (Major(1) Properties Only)

Gross Location Breakdown(2)

Appalachia Rockies

Net Location Breakdown(2)

Appalachia Rockies

Bakken

13%

10,341

Gross

Permian 43%

Bakken 3%

Mid-Con 15%

3% 1%

73.11

Net

Permian 45%

Mid-Con 20%

Locations

Haynesville 16%

Locations

Haynesville 9%

Eagle Ford 12%

Eagle Ford 17%

Remaining Drilling Inventory by Basin(2)

Basin Major Gross Locations Major Net Locations Avg. Gross Horizontal Wells/DSU(3)

Permian

4,446

32.50

12.0

Eagle Ford

1,242

12.76

6.9

Haynesville

911

11.61

5.9

Mid-Con

2,056

10.73

6.8

Bakken

1,308

2.50

8.5

Appalachia

230

2.03

7.6

Rockies

148

0.98

10.5

Total (Major Properties Only)

10,341

73.11

8.3

Note: Numbers may not add due to rounding.

11 (2) Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve definitions based on internal reserves database as of 12/31/2025). Excludes DUCs and small interest

wells (minor properties).

Gross horizontal wells per DSU from internal reserves database as of 12/31/2025, DSU sizes vary.

DUC and Permit Inventory

As of March 31, 2026, Kimbell had 897 gross (4.39 net) DUCs and 558 gross (2.46 net) permitted locations on its acreage, which is in excess of estimated 6.8 net wells to maintain flat production(1)

Basin

Gross DUCs(2)

Gross Permits(2)

Net DUCs(2)

Net Permits(2)

Total Net Wells(2)

Permian

587

379

3.08

1.60

4.68

Eagle Ford

0.24

0.07

0.31

Haynesville

0.38

0.23

0.61

Mid-Continent

100

0.43

0.44

0.87

Bakken

0.19

0.07

0.26

Appalachia

0.03

0.06

Rockies

0.04

0.02

0.06

Total

897

558

4.39

2.46

6.85

Note: Numbers may not add due to rounding.

These figures pertain only to Kimbell's major properties and do not include possible additional DUCs and permits from Kimbell's minor properties, which generally have a net revenue interest of 0.1% or below and are time consuming to quantify but, in the estimation of Kimbell's management, could add an additional 15% to Kimbell's net inventory. Please refer to page 10 for additional detail.

As of 3/31/2026.

Kimbell's Rig Count Growth Over Time

Active Rigs on Acreage by Basin(1)

Quarter-Over-Quarter Rig Count Change

Rockies, 1% Appalachia, 1%

Bakken, 7%

Eagle Ford, 6% Haynesville,

85 85

85 Rigs

Permian, 57%

Mid-Continent, 20%

4Q ' 25 1Q ' 26

Kimbell's Rig Count and Market Share Growth

17% 16% 16% 16% 16% 15% 16% 17% 16% 16% 16%

14%

9% 10%

12% 12% 12% 12% 12%

7% 7%

10% 10%11%

11%

11% 11% 10% 11% 92 94

12%

13%

99 98 98

90 91 90

86 85 85

60 61

49 50

3% 3% 2% 2% 2% 2%

24 24

Rig count as of 3/31/2026.

Based on Kimbell rig count as of 3/31/2026 and Baker Hughes U.S. land rig count of 530 as of 3/27/2026.

Active Rigs Drilling on Kimbell's Acreage (as of 3/31/26)

Kimbell has 85 active rigs (99% horizontal) drilling on our acreage at no cost to us; 73% of rigs are operated by public companies and 27% by private operators

Well Name

Operator County/State

1 MYSTIK DAN 36-13 B-2H

COTERRA CULBERSON, TX

2 MYSTIK DAN 36-13 E-5H

COTERRA CULBERSON, TX

3 BRUNSON 40B-2H

XOM GLASSCOCK, TX

4 BRUNSON 40F-6H

XOM GLASSCOCK, TX

5 BRUNSON 40I-9H

XOM GLASSCOCK, TX

6 BRUNSON 40M-13H

XOM GLASSCOCK, TX

7 CURRIE 44H-8H

XOM GLASSCOCK, TX

8 PICKLE RICK C-303HD

SM ENERGY GLASSCOCK, TX

9 BLAGRAVE B-2DN

APACHE HOWARD, TX

10 COVERED CALL H-3456H

COP LOVING, TX

11 LINK VJ RANCH 30-31 E-591H

EOG LOVING, TX

12 WRANGLER C UNIT-403H

EOG LOVING, TX

13 WRANGLER D UNIT-551H

EOG LOVING, TX

14 SILVERTIP 76-11 UNIT I-16H

OXY LOVING, TX

15 SILVERTIP 76-16 UNIT Q-22H

OXY LOVING, TX

16 MABEE DDA E19-405MH

COP MARTIN, TX

17 MABEE DDA E26-410LH

COP MARTIN, TX

18 EPLEY-GLASSCOCK E8E-205H

XOM MARTIN, TX

19 GLASS-NAIL 24D-4H

XOM MARTIN, TX

20 GLASS-NAIL 24I-9H

XOM MARTIN, TX

21 MABEE E1M-113H

XOM MARTIN, TX

22 MABEE E1M-113H

XOM MARTIN, TX

23 MABEE E1P-116H

XOM MARTIN, TX

24 MABEE W1J-110H

XOM MARTIN, TX

25 FOSTER 1201A-01H

CONTINENTAL MIDLAND, TX

26 BATTLEGROUND 30-7 J-2WD

FANG MIDLAND, TX

27 BATTLEGROUND 30-7 L-3LS

FANG MIDLAND, TX

28 MARION WEST 36-25 F-2JM

FANG MIDLAND, TX

29 PEGGY 20-8 D-4WD

FANG MIDLAND, TX

30 TEINERT-SALLY 26F-206H

XOM MIDLAND, TX

31 TEXAS TEN-ARICK 47F-6H

XOM MIDLAND, TX

32 TETON 56-2-35-23 F-23H

OXY REEVES, TX

33 REMORA EAST B-142H

PERMIAN RESOURCES REEVES, TX

34 REMORA EAST G-153H

PERMIAN RESOURCES REEVES, TX

35 REMORA WEST B-142H

PERMIAN RESOURCES REEVES, TX

36 REMORA WEST D-144H

PERMIAN RESOURCES REEVES, TX

37 SAMURAI 4-49 50-332H

PERMIAN RESOURCES REEVES, TX

38 SUNTURA (LOWER CLEAR FORK) UNIT-604

BASIN OIL & GAS TERRY, TX

39 NEAL RANCH 96 UNIT-9601MH

COP UPTON, TX

40 WINDHAM 17A-201H

XOM UPTON, TX

41 NEAL 38X-8HD

OVINTIV UPTON, TX

42 EAST ELUSIVE JAZZ 167-168-6HA

MANTI TARKA PERMIA WARD, TX

43 DIRE WOLF G-10A

VITAL WARD, TX

44 WILLARD UNIT-7001H

OXY YOAKUM, TX

45 BIG MICK 4 U FED COM-551H

3R OPERATING EDDY, NM

46 RIVERBEND 14 FEDERAL COM-4H

COTERRA EDDY, NM

47 WAR CLUB 3-4 FED COM-622H

DEVON EDDY, NM

48 ASTEROID FED COM-121H

PERMIAN RESOURCES EDDY, NM

Permian Mid-Con

Well Name

Operator

County/State

49 CABERNET BIA-2H-132425X

COTERRA

BLAINE, OK

50 CABERNET COM-7H-1324X

COTERRA

BLAINE, OK

51 BOXER 1513-313019-3HM

VALIDUS

BLAINE, OK

52 BOXER 1513-3130-5HM

VALIDUS

BLAINE, OK

53 TENKILLER LAKE 1108-31-6-4WXH

CAMINO

CANADIAN, OK

54 ROTHER 8_5-14N-8W-3HX

DEVON

CANADIAN, OK

55 NIGHT 1408-3-9-4MXH

FLYWHEEL ENERGY

CANADIAN, OK

56 IRWIN 32-3 LN-1H

MEWBOURNE

DEWEY, OK

57 MARIO 0304-7-8-32WXH

FLYWHEEL ENERGY

GARVIN, OK

58 LEONA FAYE-3-29-32-5XHS

CONTINENTAL

GRADY, OK

59 SCHOOF-5-17-8XHW

CONTINENTAL

GRADY, OK

60 STEELMAN-7-19-7XHW

CONTINENTAL

GRADY, OK

61 AUDRA 0306 12-13-24-1WHX

WARWICK

GRADY, OK

62 AUDRA 0306 12-13-24-5WHX

WARWICK

GRADY, OK

63 KATIE 1509-3H-24XX

OVINTIV

KINGFISHER, OK

64 RACER 10X15X22-9N-4W-1WHXL

ECKARD OPERATING

MCCLAIN, OK

65 BLACK KETTLE 19-30 AP FEE COM-1H

MEWBOURNE

ROGER MILLS, OK

Haynesville

Well Name

Operator

County/State

66 FRNK 3&21-16-13HC-002

APEX NATURAL GAS

CADDO, LA

67 HA RA SUG;NABORSPROP2-35-26LHC-002-ALT

DE SOTO, LA

68 HA RA SUC;WILL 2&11-12-16 HC-001-ALT

EXPAND

DE SOTO, LA

69 HAMBY HEIRS D (AW)-4H

SABINE OIL & GAS

GREGG, TX

70 G07A IRELAND WILLIAMS AN-1HH

TGNR

HARRISON, TX

71 COLLIN-1HB

ADAMAS ENERGY

ROBERTSON, TX

72 RT LIGHTNING-4HB

ADAMAS ENERGY

SHELBY, TX

Bakken

Well Name

Operator

County/State

73 BB-OLE ANDERSON--151-95-3031H-11

CVX

MCKENZIE, ND

74 FOREST 26-35-2H

DEVON

MCKENZIE, ND

75 CRAIG 5892 31-28-2BX

CHORD ENERGY

MOUNTRAIL, ND

76 BL-SVOR--156-95-0403H-4

CVX

WILLIAMS, ND

77 GBU ATHENA-31X-3F

XOM

WILLIAMS, ND

78 GBU HERA-33X-7A

XOM

WILLIAMS, ND

Eagle Ford

Well Name

Operator

County/State

79 NELSON A-CASKEY A SA 3-3H

DEWITT, TX

80 HAHN-D CIL-SEI USW F-1

COP

DEWITT, TX

81 ALAN TWO-H 02MA

MAGNOLIA

FAYETTE, TX

82 GEONOSIS A-1H

BAYTEX ENERGY

GONZALES, TX

83 CASPIAN STATE DD-66H

ESCONDIDO

WEBB, TX

Appalachia

Well Name

Operator

County/State

84 MARCHEZAK JOHN 11528-1H

RANGE

WASHINGTON, PA

Rockies

Well Name

Operator

County/State

85 SANDLOT-59-23141102-22F

SM ENERGY

DUCHESNE, UT

Current Inventory and Rig Count Support Organic Growth

Net DUC and Net Permit inventory, of 6.85 net wells (which is in excess of 6.8 net wells needed to maintain flat production), coupled with 85 rigs actively drilling on Kimbell's acreage, providing additional confidence in Kimbell's FY 2026 Guidance(1)

Kimbell's near term inventory 9.34

remains in excess of maintenance activity levels

8.38 8.20

7.96 7.84

8.10 7.99

6.94 6.74 6.86

7.21

7.07 7.09 6.85

5.44

5.03 5.36

4.50 4.50 4.50 4.50 4.50 4.90

5.80 5.80 5.80 5.80 5.80 5.80 6.50 6.50 6.50 6.80 6.80

(1) As of 3/31/2026. Net DUCs + Net Permits = Net Wells.

Investment Highlights - Stable and Resilient Cashflow

Investment Highlights

Positioned as Natural Consolidator

Kimbell will continue to opportunistically target high quality positions in the highly fragmented minerals arena

Kimbell can capitalize on weak IPO markets by providing an avenue for sponsors looking to exit minerals investments

Significant consolidation opportunity in the minerals industry, with approximately $867 billion(5) in market size and limited public participants of scale

Diversified Asset Base

Net Royalty Acre position of approximately 158,353 acres (1,266,824 NRA normalized to 1/8th)(3) across multiple producing basins provides diversified scale

Deep Inventory with Strong Upside

Shallow PDP decline rate of approximately 14%(1)

Compelling rig activity and Net DUC / Net Permit inventory support organic growth

Sustainable business model with over 12 years of drilling locations remaining(2)

Attractive Tax Structure

Status as a C-Corp for tax purposes provides a more liquid and attractive security (no K-1)

Estimated 5-Year PDP average decline rate on a 6:1 basis.

Based on estimated major and minor upside net locations of 86.01 divided by estimated

Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change.

16 6.8 net wells completed per year to maintain flat production. See pages 9-11 and 37 for (5) Midpoint of market size estimate range. Based on production data from EIA and spot price as of

additional detail.

Acreage numbers include mineral interests and overriding royalty interests.

4/7/2026. Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 18.75%. Assumes a 10x multiple on cash flows to derive total market size. Excludes natural gas liquids ("NGLs") value and overriding royalty interests.

Detailed Asset Overview

Permian Basin Acreage Map

Permian

Haynesville

Mid-Continent

Eagle Ford

Other Basins

KRP acreage is in the "sweet spot" of the Permian, with production achieving both:

Stable PDP base production from long-life, low-decline, conventional assets on the CBP, NW Shelf, Eastern Shelf and Spraberry vertical units in the Midland Basin

Unconventional production from active horizontal development in the Midland and Delaware basins

Gross Acreage

Net Royalty Acreage

Midland

1,260,214

9,483

Gross Locations(1)

Net Locations(1)

Delaware

614,297

4,831

Midland

2,534

16.60

Other Permian

1,531,517

13,488

Delaware

1,912

15.90

Total

3,406,028

27,801

Total

4,446

32.50

Key Operators

Permian Rigs on KRP Acreage

2022A Average 39

2023A Average 50

2024A Average 49

2025A Average 50

2026A Average 48

Source: Enverus as of 03/31/2026. Numbers may not add due to rounding.

(1) Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve definitions based on internal reserves database as of 12/31/2025).

18 Excludes DUCs and small interest wells (minor properties).

Permian Basin EOR / Waterflood Conventional Production

Permian

Haynesville

Mid-Continent

Eagle Ford

Other Basins

OWNBY UNIT

LEVELLAND UNITS

ROBERTS UNIT

SEMINOLE SAN ANDRES

COGDELL CANYON REEF

FULLERTON CLEARFORK

MEANS SAN ANDRES

SACROC UNIT

DOLLARHIDE UNIT

GOLDSMITH

GW OBRIEN

SAND HILLS TUBB

Key Operators

YATES FIELD UNIT

Source: Enverus as of 03/31/2026.

Permian Unconventional Upside Overview

Permian

Haynesville

Mid-Continent

Eagle Ford

Other Basins

Delaware Core Area(s) Defining Basin Potential and Inventory

Permian development spacing defined by geology and development trends by surrounding operators

Average of 12.0 gross wells/DSU(1)

Only zones annotated by a star were quantified

Potential for additional upside in other formations not quantified

4,446 gross / 32.50 net (100% NRI) upside locations remain in undrilled inventory(1)

587 gross / 3.08 net DUCs have been identified on KRP's major acreage(2)

640 - 1,280

acre DSU Unquantified Upside Unquantified Upside Unquantified Upside

Unquantified Upside

Delaware Spacing (core areas) Midland Spacing (core areas)

640 - 1,280

acre DSU

Unquantified Upside

Unquantified Upside Unquantified Upside

Unquantified Upside

1 mile

Midland Core Area(s)

Basin Contribution to KRP Portfolio

48 rigs running on KRP's Permian acreage as of March 31, 2026

Permian production represents 43% of the Q1 2026 portfolio (Boe 6:1)

KRP's highly economic inventory in the core of the prolific Midland and Delaware Basins yields years of future development

Permian is currently 57% of KRP's total rig inventory, and 68% of net DUC and Permit inventory(2)

Source: Enverus as of 03/31/2026.

(1) Gross horizontal wells per DSU from internal reserves database as of 12/31/2025, DSU sizes vary.

20 (2) As of 03/31/2026.

Disclaimer

Kimbell Royalty Partners LP published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 11:24 UTC.