Fall 2026 Investor Presentation

Kimbell is a pure play mineral company offering a unique 12.7% annualized cash distribution yield(1)

Company Overview

Investment Highlights

1. Cash distribution yield reflects annualized Q2'26 distribution. Unit price calculated as of 7/29/2026.

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

3. 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 additional detail.

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

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

   
   
   

6. As of 6/30/26. Does not include Kimbell's Series A preferred units on an as-converted basis.

7. Midpoint of market size estimate range. Based on production data from EIA and spot price as of 7/7/2026. 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.

   
   
   

   Q2 2026 Highlights - Record Results

   In Q2'26, Kimbell generated a record $103.0 million in Oil, Natural Gas and NGL Revenues, record $84.9 million consolidated Adjusted EBITDA, with record daily production of 25,830 Boe/d (6:1)
   Q2'26 Snapshot		Q2'26 Revenue by Basin

   
   
   

   • Record Q2 2026 daily production of 25,830 Boe/d(1)

   • Record Q2 2026 oil, natural gas and NGL revenues of $103.0 million

   • Record Q2 2026 net income of approximately $47.3 million and net income attributable to common units of approximately $38.4 million

   • Record Q2 2026 consolidated Adjusted EBITDA of $84.9 million

   • Cash distribution of $0.47 per common unit

   • During Q2, Kimbell repurchased and cancelled 500,000 common units at an average price of $14.70 per unit

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

     Capitalization Table(3)
     Common Units Outstanding	100,895,
     Class B Units Outstanding(4)	13,807,
     Total Units Outstanding	114,703,
     Unit Price	$14
     Market Capitalization	$1,695,319,
     Total Debt	$478,700,
     Cash and Cash Equivalents	(44,931,
     Net Debt	$433,768,
     Series A Cumulative Convertible Preferred Units	$162,500,
     Enterprise Value	$2,291,587,
     Q2 2026 Consolidated Adjusted EBITDA	$84,905,
     TTM Consolidated Adjusted EBITDA(5)	$300,367,
     Net Leverage Ratio	1
     Tax Status:	1099-DIV/ No
     Annualized Cash Distribution Yield(6)	12.

   • Conservative Net Debt to TTM Consolidated Adjusted EBITDA of 1.4x

     $103.0 mm

     Q2'26 Daily Production by Basin(1)

1. Shown on a 6:1 basis. Includes 9 days of production from the Company's $145.9 million acquisition of Mesa Royalties, which closed on 6/22/2026. Following the closing of the acquisition, run-rate production was 26,967 Boe/d.

Invested in M&A since IPO

Gross acres acquired since IPO(1)

Reduced Cash G&A / Boe by ~67% since IPO(2)

Selected Acquisitions

Cash Distribution Growth

Transaction

Size / Consideration

$2.90

$1.56

$5.14

$6.46

$1.32

$8.45

$1.99

$10.13

$1.68

$11.85

$1.72

$13.42

$1.57

$0.88

$1.20

$4.46

Kimbell has returned ~79% of

$18.00/unit IPO price via cash distributions since 2017

Daily Production Growth (Boe/d)(3)

Kimbell has grown daily production by ~8x since IPO

1. Acreage numbers include mineral interests and overriding royalty interests.

   6 (2) Q2 2026 Cash G&A per Boe.

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

      
      
      

      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)

   Dividend Yield(1)

   >12.5%

   Market Cap

   >$1.6 Billion

   Debt / Enterprise Value

   <21%

   Expected Tax Deferred Dividend

   246 companies

   21 companies

   3 companies

   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(2)

   Source: Bloomberg as of 7/29/2026.

   
   
   

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

   7 (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)	4,817 | 34.10	1,206 | 12.27	866 | 11.15	1,947 | 10.21	1,225 | 2.24	227 | 2.00	147 | 0.98	N/A	10,435 | 72.96
   Gross | Net Drilled but Uncompleted wells ("DUCs")(3)(4)	716 | 2.60	52 | 0.33	70 | 0.40	108 | 0.52	65 | 0.09	5 | 0.04	0 | 0.00	N/A	1,016 | 3.98
   Gross | Net Permits(3)(4)	567 | 2.43	19 | 0.16	16 | 0.18	74 | 0.41	87 | 0.18	2 | 0.00	11 | 0.05	N/A	776 | 3.41
   Q2 2026 Production, % of Total	46%	5%	12%	19%	4%	6%	4%	4%	100%
   Q2 2026 Production Mix Oil Gas NGL	25% 73% 49% Liquids 27%	23% 65% 42% Liquids 35%	3% 5% 7% Liquids 93%	16% 27% 43% Liquids 57%	17% 77% 23% Liquids 60%	12% 3% 15% Liquids 85%	18% 33% 51% Liquids 49%	12% 32% 44% Liquids 56%	20% 33% 53% Liquids 47%
   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)	59	5	7	13	6	1	-	-	91
   Top Operators

   Note: Includes only horizontal locations. Q2'26 average daily production is shown on a 6:1 basis. Numbers may not add due to rounding.

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

   8 well as other miscellaneous conventional properties.

2. Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve definitions based on internal reserves database as of 6/30/2026). Excludes DUCs and small interest wells (minor properties).

3. 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.

4. As of 6/30/2026.

5. Gross horizontal wells per DSU from internal reserves database as of 6/30/2026, DSU sizes vary.

   
   
   

   Portfolio Transparency & Defining Upside Potential

   Kimbell's acreage position contains over 11 years(1) of drilling inventory across its major and minor(2) properties

Portfolio Transparency & Defining Upside Potential

1. Reflects 85.84 net (100% NRI) total upside locations on major and minor properties divided by estimated 7.2 net wells completed to maintain flat production.

2. 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

   9 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 8.

3. Does not include DUC inventory.

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Kimbell has 91 active rigs (98% horizontal) drilling on our acreage at no cost to us; 64% of rigs are operated by public companies and 36% by private operators

Net DUC and Net Permit inventory, of 7.39 net wells (which is in excess of 7.2 net wells needed to maintain flat production), coupled with 91 rigs actively drilling on Kimbell's acreage, providing additional confidence in Kimbell's consistent production profile (1)

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 $799 billion(5) in market size and limited public participants of scale

Diversified Asset Base

• Net Royalty Acre position of approximately 159,064 acres (1,272,512 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 11 years of drilling locations remaining(2)

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(4)

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

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

YATES FIELD UNIT

• 93% 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)