Kimbell Royalty Partners LP : Fall 2026 Investor Presentation

About this update from Kimbell Royalty Partners

1. Company Overview and History Kimbell Overview Kimbell is a pure play mineral company offering a unique 12.7% annualized cash distribution yield(1) Company Overview Investment Highlights High Quality, Diversified Asset Base 11+ years of drilling inventory remaining(3) Shallow PDP decline rate of approximately 14%(4) Net Royalty Acre position of approximately 159,064 acres(2) across multiple producing basins provides diversified scale Attractive Tax Structure Approximately 47% of the distribution to be paid on August 24, 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 1.4x as of 6/30/2026 Actively hedging for two years representing approximately 16% of current production Significant insider ownership with approximately 9% 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 $799 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 approximately 135,000 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 approximately $2.2 billion in M&A transactions, grown run-rate average daily production by over 8x, and returned 79% of $18.00/unit IPO price via quarterly cash distributions Kimbell Mineral and Royalty Assets Cash distribution yield reflects annualized Q2'26 distribution. Unit price calculated as of 7/29/2026. Well count, M&A, and acreage numbers include mineral interests and overriding royalty interests. Based on estimated major and minor upside net locations of 85.84 divided by estimated 7.2 net wells completed 4 per year to maintain flat production. See pages 8-10 and 36 for ad...

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