Kimbell Royalty Partners · NYSE:KRP
Kimbell Royalty Partners — Q4 2025 Earnings Presentation
38 slides from Kimbell Royalty Partners's earnings presentation, Feb 26, 2026
Slide 1: Spring 2026 Investor Presentation
Spring 2026 Investor Presentation
Slide 2: Disclaimer
Disclaimer This presentation includes forward-looking statements relating to the business, financial performance, results, production and other guidance and prospects for growth, plans, objectives and expectations of Kimbell Royalty Partners, LP (“KRP” or “Kimbell”). Statements that do not describe
Slide 3: 1. Company Overview and History
1. Company Overview and History
Slide 4: Kimbell Overview
Kimbell Overview Kimbell is a pure play mineral company offering a unique 10.5% annualized cash distribution yield(1) Company Overview Investment Highlights Provides ownership in diversified, high margin, stable assets with zero High Quality, Diversified Asset Base capital requirements needed to s
Slide 5: Q4 2025 Highlights
Q4 2025 Highlights In Q4’25, Kimbell generated $76.0 million in Oil, Natural Gas and NGL Revenues, $64.8 million Consolidated Adjusted EBITDA, with run-rate average daily production of 25,627 Boe/d (6:1) Q4’25 Snapshot Q4’25 Revenue by Basin Q4 2025 run-rate average daily production of 25,627 Boe/
Slide 6: Kimbell’s Track Record Since IPO
Kimbell’s Track Record Since IPO 11 # of major M&A transactions closed since IPO $2.0Bn Invested in M&A since IPO ~12.5mm Gross acres acquired since IPO(1) $2.51/Boe Reduced Cash G&A / Boe by ~66% since IPO(2) Selected Acquisitions Cash Distribution Growth Transaction Size / Consideration Close Date
Slide 7: Full Year 2026 Guidance
Full Year 2026 Guidance Assuming Mid-Points of Guidance, Kimbell expects attractive risk-adjusted cash distribution yield in 2026(1) FY 2026 Guidance 2026E Distribution / Common Unit Sensitivity @ 75% Payout Ratio (2) Oil Price ($/Bbl) 24.0 - 27.0 Mboe/d (6:1) Net Production $1.43 $50.00 $55.00 $60.
Slide 8: Superior Value Proposition
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 NYSE + NASDAQ Publicly Traded Companies (~6,100 companies) Div
Slide 9: Portfolio Overview by Basin
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 For
Slide 10: Portfolio Transparency & Defining Upside Potential
Portfolio Transparency & Defining Upside Potential Kimbell’s acreage position contains over 12 years(1) of drilling inventory across its major and minor(2) properties We believe that Kimbell is known for its superior proved developed producing (“PDP”) reserves and five-year average PDP decline rat
Slide 11: Upside Location Drilling Inventory
Upside Location Drilling Inventory (Major(1) Properties Only) Gross Location Breakdown(2) Net Location Breakdown(2) 10,341 73.11 Gross Net Locations Locations Remaining Drilling Inventory by Basin(2) Basin Major Gross Locations Major Net Locations Avg. Gross Horizontal Wells/DSU(3) Permian 4,446 32.
Slide 12: DUC and Permit Inventory
DUC and Permit Inventory As of December 31, 2025, Kimbell had 900 gross (4.66 net) DUCs and 628 gross (2.43 net) permitted locations on its acreage, which is in excess of estimated 6.8 net wells to maintain flat production(1) Gross Total Net Basin Gross DUCs(2) Net DUCs(2) Net Permits(2) Permits(2)
Slide 13: Kimbell’s Rig Count Growth Over Time
Kimbell’s Rig Count Growth Over Time Active Rigs on Acreage by Basin(1) Quarter-Over-Quarter Rig Count Change 86 85 12 14 8 11 7 4 5 7 85 Rigs 51 46 3Q'25 4Q'25 Permian Eagle Ford Bakken Rockies Haynesville Mid-Continent Appalachia Other Kimbell’s Rig Count and Market Share Growth 17% 16% 16% 16% 16
Slide 14: Active Rigs Drilling on Kimbell’s Acreage
Active Rigs Drilling on Kimbell’s Acreage (as of 12/31/25) Kimbell has 85 active rigs (99% horizontal) drilling on our acreage at no cost to us; 66% of rigs are operated by public companies and 34% by private operators Permian Mid-Con Bakken Well Name Operator County/State Well Name Operator County/
Slide 15: Net Well Inventory
Current Inventory and Rig Count Support Organic Growth Net DUC and Net Permit inventory, of 7.09 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, implies organic production growth potential(1) 10.00 120 K
Slide 16: Investment Highlights - Stable and Resilient Cashflow
Investment Highlights - Stable and Resilient Cashflow 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 remaini
Slide 17: 2. Detailed Asset Overview
2. Detailed Asset Overview
Slide 18: Permian Basin Acreage Map
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 ver
Slide 19: Permian Basin EOR / Waterflood Conventional Production
Permian Basin EOR / Waterflood Conventional Production Permian Haynesville Mid-Continent Eagle Ford Other Basins OWNBY LEVELLAND UNIT UNITS COGDELL CANYON ROBERTS SEMINOLE REEF UNIT SAN ANDRES MEANS SAN ANDRES SACROC UNIT FULLERTON CLEARFORK DOLLARHIDE GOLDSMITH UNIT GW OBRIEN SAND HILLS TUBB Key Op
Slide 20: Permian Unconventional Upside Overview
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 z
Slide 21: Haynesville Acreage Map
Haynesville Acreage Map Permian Haynesville Mid-Continent Eagle Ford Other Basins 94% natural gas which makes Haynesville production resilient through down-swings in oil prices High NRI exposure in core of the Haynesville basin (De Soto and Red River Parishes) Gross Acreage Net Royalty Acreage G
Slide 22: Haynesville Upside Overview
Haynesville Upside Overview Permian Haynesville Mid-Continent Eagle Ford Other Basins Haynesville Core Area(s) Defining Basin Potential and Inventory Haynesville development spacing defined by geology and development trends by surrounding operators – Average of 5.9 gross wells/DSU(1) – In the core
Slide 23: Mid-Continent Acreage Map
Mid-Continent Acreage Map Permian Haynesville Mid-Continent Eagle Ford Other Basins KRP’s Mid-Continent position is a leader in terms of scale, productivity, rig capture, and depth of inventory Expansive acreage footprint in the SCOOP and STACK spans all product windows, yielding years of develo
Slide 24: Mid-Continent Upside Overview
Mid-Continent Upside Overview Permian Haynesville Mid-Continent Eagle Ford Other Basins Mid-Continent Core Area(s) Defining Basin Potential and Inventory Mid-Continent development spacing defined by geology and development trends by surrounding operators – Average of 6.8 gross wells/DSU(1) in core
Slide 25: Eagle Ford Acreage Map
Eagle Ford Acreage Map Permian Haynesville Mid-Continent Eagle Ford Other Basins Significant exposure to the core Eagle Ford oil window Premium pricing differentials due to proximity to vast pipeline infrastructure Gross Acreage Net Royalty Acreage Gross Locations(1) Net Locations(1) 624,148 6,7
Slide 26: Eagle Ford Upside Overview
Eagle Ford Upside Overview Permian Haynesville Mid-Continent Eagle Ford Other Basins Eagle Ford Core Area(s) Defining Basin Potential and Inventory Eagle Ford development spacing defined by geology and development trends by surrounding operators – Average of 6.9 gross wells/DSU(1) – Only a single
Slide 27: Other Basins Acreage Map
Other Basins Acreage Map Permian Haynesville Mid-Continent Eagle Ford Other Basins Expansive footprint across 28 states in the US Balanced mix of unconventional assets and low-decline Bakken conventional properties “Other” basins, including Bakken, Appalachia and Rockies, represent 8% of KRP’s
Slide 28: 3. Supplemental Information
3. Supplemental Information
Slide 29: Historical Run-Rate Average Daily Production Mix by Basin
Historical Run-Rate Average Daily Production Mix by Basin Production in mboepd 25.5 25.4 25.5 25.6 Other 24.7 24.3 1.2 1.1 1.1 24.1 1.1 23.8 24.1 Rockies 1.2 0.8 1.0 0.9 1.2 0.8 1.2 1.1 1.1 0.9 Appalachia 0.8 1.6 1.6 1.6 1.6 0.8 0.8 0.8 1.9 0.8 1.0 Bakken 1.9 1.7 1.6 0.8 1.0 1.6 19.8 0.9 0.9 0.9 0.9
Slide 30: Reserve Replacement
Reserve Replacement Kimbell has grown proved developed reserves by ~5x since IPO through a combination of acquisitions and organic growth, and Kimbell replaced 157% of proved developed reserves in 2025 72,944 MBoe Acquisitions 67,541 MBoe 4,595 MBoe 65,409 MBoe Plus: Revisions Plus: Revisions 10,211
Slide 31: History
History Kimbell has a strong track record of success as a natural consolidator in the mineral and royalty industry With a February 2017 Closed Closed drop down Closed $123 Closed $271 million Closed $455 million December 2018 April 2020 July 2018 1998 December 2022 September 2023 handshake acquisiti
Slide 32: Defining a Net Royalty Acre
Defining a Net Royalty Acre The calculation of a Net Royalty Acre differs across industry participants Kimbell calculates its Net Royalty Acres(1) as follows: Net Mineral Acres x Royalty Interest(2) − This methodology provides a clear and easily understandable view of Kimbell’s acreage position Ro
Slide 33: Mineral Interests Generally Senior to All Claims in Capital Structure
Mineral Interests Generally Senior to All Claims in Capital Structure In many states, mineral and royalty interests are considered by law to be real property interests and are thus afforded additional protections under bankruptcy law Mineral Interest owner entitled to ~15-25% of production revenue S
Slide 34: Overview of Mineral & Royalty Interests
Overview of Mineral & Royalty Interests Minerals NPRIs ORRIs Perpetual real-property interests that Nonparticipating royalty interests Overriding royalty interests grant oil and natural gas ownership under a tract of land Royalty interests that are carved out Royalty interests that burden
Slide 35: Positioned for Growth Through Acquisitions
Positioned for Growth Through Acquisitions Acquisitions from Current Sponsors Sizing the Minerals Market Existing Kimbell Sponsors’ remaining assets have Total Minerals Market Size(1): ~$657 billion production and reserve characteristics similar to Kimbell’s existing portfolio Total Public Company
Slide 36: Highest Dividend Yield Across U.S. Upstream Sector
Highest Dividend Yield Across U.S. Upstream Sector Kimbell offers an attractive 10.5% distribution yield relative to the broader US upstream sector, and oil & gas mineral and royalty companies reflect compelling distribution yields compared to US E&Ps Distribution/Dividend Yield Comparison 10.5% 7.9
Slide 37: Process and Methodology
Process and Methodology Kimbell did not book any undeveloped reserves in its year-end 2025 reserve report included in its Form 10-K filed with the SEC Based on the SPE-PRMS(1) reserve definitions, these undeveloped locations fall under the general classifications of Proved Undeveloped (PUD), Pro
Slide 38: Historical Selected Financial Data
Historical Selected Financial Data Non-GAAP Reconciliation (in thousands) Three Months Ended December 31, 2025 Net income $ 24,804 Depreciation and depletion expense 31,935 Interest expense 9,119 Income tax benefit (1,304) Consolidated EBITDA $ 64,554 Unit-based compensation 4,170 Gain on derivative
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