Kimbell Royalty Partners Announces Fourth Quarter and Full Year 2025 Results

Q4 2025 Run-Rate Daily Production of 25,627 Boe/d (6:1) Exceeds Mid-Point of Guidance

*Activity on Acreage Remains Robust with 85 Active Rigs Drilling Representing 16%*1 Market Share of U.S. Land Rig Count

Superior Five-Year Annual Average PDP Decline Rate of 14% Requires Only an Estimated 6.8 Net Wells Annually to Maintain Flat Production Compared to 7.1 Net Line-of-Site Wells

Proved developed reserves increased by approximately 8% year-over-year to a record of nearly 73 Million Boe, reflecting continued development bolstered by acquired reserves

Borrowing Base and Elected Commitment on Secured Revolving Credit Facility Reaffirmed with Lowered Borrowing Costs and Maturity Extended Until December 2030

Announces Q4 2025 Cash Distribution of $0.37 per Common Unit, up 6% from Q3 2025

Initiates 2026 Operational Guidance with Production Guidance Range Unchanged from 2025, Reinforcing Stability of Production Base

FORT WORTH, Texas, Feb. 26, 2026 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and natural gas mineral and royalty interests in over 133,000 gross wells across 28 states, today announced financial and operating results for the quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights

• Q4 2025 run-rate daily production of 25,627 barrels of oil equivalent ("Boe") per day (6:1)
• Q4 2025 oil, natural gas and NGL revenues of $76.0 million
• Q4 2025 net income of $24.8 million and net income attributable to common units of $19.2 million
• Q4 2025 consolidated Adjusted EBITDA of $64.8 million
• As of December 31, 2025, Kimbell's major properties2 had 7.09 net drilled but uncompleted wells ("DUCs") and net permitted locations on its acreage (4.66 net DUCs and 2.43 net permitted locations) compared to an estimated 6.8 net wells needed to maintain flat production
• As of December 31, 2025, Kimbell had 85 rigs actively drilling on its acreage, representing 16% market share of all land rigs drilling in the continental United States as of such time
• Proved developed reserves increased by approximately 8% year-over-year to a record of nearly 73 million Boe, reflecting continued development bolstered by acquired reserves
• On December 16, 2025, Kimbell amended and extended its secured revolving credit facility through December 16, 2030, reaffirming borrowing base and elected commitments of $625 million and lowering its cost of bank debt financing by a combined 35 basis points
• Announced a Q4 2025 cash distribution of $0.37 per common unit, reflecting a payout ratio of 75% of cash available for distribution; implies a 10.5% annualized yield based on the February 25, 2026 closing price of $14.13 per common unit; Kimbell intends to utilize the remaining 25% of its cash available for distribution to repay a portion of the outstanding borrowings under its secured revolving credit facility
• Initiated full year 2026 guidance with estimated daily production at its mid-point projected at 25,500 Boe/d for the year with a high-end projection of 27,000 Boe/d and low-end projection of 24,000 Boe/d; unchanged from 2025 production guidance range

Robert Ravnaas, Chairman and Chief Executive Officer of Kimbell Royalty GP, LLC, Kimbell's general partner (the "General Partner"), commented: "2025 was another outstanding year for Kimbell. In Q1 2025, we closed the $230 million acquisition of mineral and royalty interests in properties located under the historic Mabee Ranch in the Midland Basin, further bolstering the Permian Basin as our leading basin in terms of production, active rig count, DUCs, permits and undrilled inventory. In Q2 2025, we redeemed 50% of the Series A Cumulative Convertible Preferred Units, further simplifying our capital structure and lowering our cost of capital. During the year, we paid out $1.60 per common unit in quarterly distributions, 100% of which was considered return of capital and not subject to dividend income taxes. We paid down approximately $57.4 million on our credit facility during 2025 by allocating 25% of cash available for distribution for debt paydown. Finally, proved developed reserves increased by approximately 8% to a record of nearly 73 million Boe.

"I am also pleased to report that Q4 2025 production grew organically from Q3 2025 and exceeded the mid-point of guidance. Furthermore, today we are initiating 2026 operational guidance with production guidance at the upper and lower bands, as well as the midpoint, unchanged from our 2025 guidance range, which reflects the ongoing development, diversity and stability of our production base. Activity on our acreage remains robust with 85 rigs actively drilling on our acreage, representing 16.1% market share of all rigs drilling in the lower 48. Line-of-site wells continue to exceed maintenance level, giving us confidence in the resilience of production as we progress through 2026.

"2025 was a year of major milestones in the public oil and natural gas royalty sector, with significant M&A across our U.S. peer group. As evidenced by our track record of ongoing acquisition activity, we expect to continue our role as a major consolidator in the highly fragmented U.S. oil and natural gas royalty sector, which we estimate to be over $650 billion in size. We believe that we are still in the early stages of this consolidation and will actively seek out targets that fit within our acquisition profile. We are very excited about the opportunities to expand in the future and to deliver unitholder value for years to come."

1 Based on Kimbell rig count of 85 and Baker Hughes U.S. land rig count of 527 as of December 31, 2025.

2 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.

Fourth Quarter 2025 Distribution and Debt Repayment

Today, the Board of Directors of the General Partner (the "Board of Directors") approved a cash distribution payment to common unitholders of 75% of cash available for distribution for the fourth quarter of 2025, or $0.37 per common unit. The distribution will be payable on March 25, 2026 to common unitholders of record at the close of business on March 18, 2026. Kimbell plans to utilize the remaining 25% of cash available for distribution for the fourth quarter of 2025 to pay down approximately $13.4 million of the outstanding borrowings under its secured revolving credit facility.

Kimbell expects that approximately 100% of its fourth quarter 2025 distribution should not constitute dividends for U.S. federal income tax purposes, but instead are estimated to constitute non-taxable reductions to the basis of each distribution recipient's ownership interest in Kimbell common units. The reduced tax basis will increase unitholders' capital gain (or decrease unitholders' capital loss) when unitholders sell their common units. The Form 8937 containing additional information may be found at www.kimbellrp.com under "Investor Relations" section of the site. Kimbell currently believes that the portion that constitutes dividends for U.S. federal income tax purposes will be considered qualified dividends, subject to holding period and certain other conditions, which are subject to a tax rate of 0%, 15% or 20% depending on the income level and tax filing status of a unitholder for 2026. Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change.

Financial Highlights

Kimbell's fourth quarter 2025 average realized price per Bbl of oil was $58.24, per Mcf of natural gas was $2.86, per Bbl of NGLs was $19.68 and per Boe combined was $30.59.

During the fourth quarter of 2025, the Company's total revenues were $82.5 million, net income was $24.8 million and net income attributable to common units was approximately $19.2 million, or $0.21 per common unit.

Total fourth quarter 2025 consolidated Adjusted EBITDA was $64.8 million (consolidated Adjusted EBITDA is a non-GAAP financial measure. Please see a reconciliation to the nearest GAAP financial measures at the end of this news release).

In the fourth quarter of 2025, G&A expense was $10.4 million, $6.2 million of which was Cash G&A expense, or $2.63 per BOE (Cash G&A and Cash G&A per Boe are non-GAAP financial measures. Please see definition under Non-GAAP Financial Measures in the Supplemental Schedules included in this news release). Unit-based compensation in the fourth quarter of 2025, which is a non-cash G&A expense, was $4.2 million or $1.77 per Boe.

On December 16, 2025, Kimbell amended its existing credit agreement to, among other things, reaffirm borrowing base and elected commitments of $625 million, lower its cost of bank debt financing by a combined 35 basis points (reduced pricing grid by 25 basis points and removed 10 basis point Credit Spread Adjustment) and extend the maturity to December 16, 2030.

As of December 31, 2025, Kimbell had approximately $441.5 million in debt outstanding under its secured revolving credit facility, had net debt to fourth quarter 2025 trailing twelve month consolidated Adjusted EBITDA of approximately 1.5x and was in compliance with all financial covenants under its secured revolving credit facility. Kimbell had approximately $183.5 million in undrawn capacity under its secured revolving credit facility as of December 31, 2025.

As of December 31, 2025, Kimbell had outstanding 93,396,488 common units and 14,491,540 Class B units. As of February 26, 2026, Kimbell had outstanding 94,613,478 common units and 14,491,540 Class B units.

Production

Fourth quarter 2025 average daily production was 26,643 Boe per day (6:1), which consisted of 1,016 Boe per day related to prior period production recognized in Q4 2025, and 25,627 Boe per day of run-rate production. The 25,627 Boe per day of run-rate production was composed of approximately 48% from natural gas (6:1) and approximately 52% from liquids (31% from oil and 21% from NGLs). The prior period production recognized in Q4 2025 was attributable to past production that came into pay status during the fourth quarter of 2025.

Operational Update

As of December 31, 2025, Kimbell's major properties had 900 gross (4.66 net) DUCs and 628 gross (2.43 net) permitted locations on its acreage. In addition, as of December 31, 2025, Kimbell had 85 rigs actively drilling on its acreage, which represents an approximate 16.1% market share of all land rigs drilling in the continental United States as of such time.

Basin

Gross DUCs as of December 31, 2025(1)

Gross Permits as of December 31, 2025(1)

Net DUCs as of December 31, 2025(1)

Net Permits as of December 31, 2025(1)

Permian

660

393

3.53

1.63

Eagle Ford

29

25

0.16

0.09

Haynesville

62

27

0.34

0.18

Mid-Continent

96

57

0.40

0.34

Bakken

39

116

0.17

0.13

Appalachia

6

4

0.02

0.04

Rockies

8

6

0.04

0.02

Total

900

628

4.66

2.43

(1) 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.

Reserves

Ryder Scott Company, L.P. prepared an estimate of Kimbell's proved reserves as of December 31, 2025. Average prices of $65.34 per barrel of oil and $3.39 per MMBtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission (the "SEC"). Realized prices with applicable differentials were $63.88 per barrel of oil, $2.41 per Mcf of natural gas and $19.17 per barrel of NGLs.

Proved developed reserves at year-end 2025 increased by approximately 8% year-over-year to nearly 73 MMBoe, reflecting continued development by the operators of Kimbell's acreage and acquisition activity.

Crude Oil and Condensate (MBbls)

Natural Gas (MMcf)

Natural Gas Liquids (MBbls)

Total (MBOE)

Net proved developed reserves at December 31, 2024

20,001

204,253

13,498

67,541

Revisions of previous estimates

2,795

30,045

2,408

10,211

Purchases of minerals in place

2,236

6,025

1,355

4,595

Production

(3,062)

(26,734)

(1,885)

(9,403)

Net proved developed reserves at December 31, 2025

21,970

213,589

15,376

72,944

Hedging Update

The following provides information concerning Kimbell's hedge book as of December 31, 2025:

Fixed Price Swaps as of December 31, 2025

Weighted Average

Volumes

Fixed Price

Oil

Nat Gas

Oil

Nat Gas

BBL

MMBTU

$/BBL

$/MMBTU

1Q 2026

146,880

1,296,000

$ 70.38

$ 4.07

2Q 2026

148,512

1,310,400

$ 70.78

$ 3.33

3Q 2026

150,144

1,324,800

$ 66.60

$ 3.42

4Q 2026

150,144

1,324,800

$ 63.33

$ 3.94

1Q 2027

151,470

1,321,920

$ 63.75

$ 4.46

2Q 2027

153,153

1,336,608

$ 61.57

$ 3.47

3Q 2027

154,836

1,351,296

$ 61.90

$ 3.76

4Q 2027

154,836

1,351,296

$ 58.06

$ 4.02

Company Initiates 2026 Guidance

Kimbell is providing financial and operational guidance ranges for 2026 as follows:

Kimbell Royalty

Partners LP

2026

Net Production - Mboe/d (6:1)

24.0

27.0

Oil Production - % of Net Production

30 %

34 %

Natural Gas Production - % of Net Production

46 %

50 %

Natural Gas Liquids Production - % of Net Production

18 %

22 %

Unit Costs ($/boe)

Marketing and other deductions

$1.40

$2.20

Depreciation and depletion expense

$13.00

$20.00

G&A

Cash G&A

$2.45

$2.65

Non-Cash G&A

$1.40

$1.80

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

6.0 %

8.0 %

Payout Ratio (1)

75 %

(1) The Company intends to pay out 75% of its projected cash available for distribution in quarterly distributions and utilize 25% of projected cash available for distribution to pay down a portion of the outstanding borrowings under its secured revolving credit facility each quarter.

Conference Call

Kimbell Royalty Partners will host a conference call and webcast today at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss fourth quarter 2025 results. To access the call live by phone, dial 201-389-0869 and ask for the Kimbell Royalty Partners call at least 10 minutes prior to the start time. A telephonic replay will be available through March 5, 2026 by dialing 201-612-7415 and using the conference ID 13752272#. A webcast of the call will also be available live and for later replay on Kimbell's website at http://kimbellrp.investorroom.com under the Events and Presentations tab.

Presentation

On February 26, 2026, Kimbell posted an updated investor presentation on its website. The presentation may be found at http://kimbellrp.investorroom.com under the Events and Presentations tab. Information on Kimbell's website does not constitute a portion of this news release.

About Kimbell Royalty Partners, LP

Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas. Kimbell owns mineral and royalty interests in over 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 133,000 gross wells. To learn more, visit http://www.kimbellrp.com.

Contact

Rick Black Dennard Lascar Investor Relations [email protected] (713) 529-6600

– Financial statements follow –

Kimbell Royalty Partners, LP

Condensed Consolidated Balance Sheet

(Unaudited, in thousands)

December 31,

2025

Assets:

Current assets

Cash and cash equivalents

$

43,977

Oil, natural gas and NGL receivables

36,582

Derivative assets

6,504

Accounts receivable and other current assets

1,420

Total current assets

88,483

Property and equipment, net

629

Oil and natural gas properties

Oil and natural gas properties (full cost method)

2,271,470

Less: accumulated depreciation, depletion and impairment

(1,148,157)

Total oil and natural gas properties, net

1,123,313

Right-of-use assets, net

4,606

Derivative assets

2,587

Loan origination costs, net

9,722

Total assets

$

1,229,340

Liabilities, mezzanine equity and unitholders' equity:

Current liabilities

Accounts payable

$

3,144

Other current liabilities

7,097

Total current liabilities

10,241

Operating lease liabilities, excluding current portion

4,411

Derivative liabilities

28

Long-term debt

441,500

Total liabilities

456,180

Commitments and contingencies

Mezzanine equity:

Series A preferred units

158,793

Kimbell Royalty Partners, LP unitholders' equity:

Common units

531,121

Class B units

724

Total Kimbell Royalty Partners, LP unitholders' equity

531,845

Non-controlling interest in OpCo

82,522

Total unitholders' equity

614,367

Total liabilities, mezzanine equity and unitholders' equity

$

1,229,340

Kimbell Royalty Partners, LP

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per-unit data and unit counts)

Three Months Ended

Three Months Ended

December 31, 2025

December 31, 2024

Revenue

Oil, natural gas and NGL revenues

$

76,020

$

69,078

Lease bonus and other income

1,062

1,785

Gain (loss) on commodity derivative instruments, net

5,371

(4,148)

Total revenues

82,453

66,715

Costs and expenses

Production and ad valorem taxes

3,738

3,951

Depreciation and depletion expense

31,935

31,777

Impairment of oil and natural gas properties

—

56,155

Marketing and other deductions

3,780

4,124

General and administrative expense

10,381

9,371

Total costs and expenses

49,834

105,378

Operating income (loss)

32,619

(38,663)

Other expense

Interest expense

(9,119)

(5,956)

Net income (loss) before income taxes

23,500

(44,619)

Income benefit expense

(1,304)

(5,360)

Net income (loss)

24,804

(39,259)

Distribution and accretion on Series A preferred units

(2,656)

(5,296)

Net (income) loss attributable to non-controlling interests

(2,975)

6,777

Distributions to Class B unitholders

(14)

(15)

Net income (loss) attributable to common units of Kimbell Royalty Partners, LP

$

19,159

$

(37,793)

Basic

$

0.21

$

(0.48)

Diluted

$

0.21

$

(0.48)

Weighted average number of common units outstanding

Basic

91,170,092

78,977,450

Diluted

118,058,116

116,184,780

Kimbell Royalty Partners, LP

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per-unit data and unit counts)

Year Ended

Year Ended

December 31, 2025

December 31, 2024

Revenue

Oil, natural gas and NGL revenues

$

317,473

$

304,606

Lease bonus and other income

4,266

6,046

Gain (loss) on commodity derivative instruments, net

12,091

(1,345)

Total revenues

333,830

309,307

Costs and expenses

Production and ad valorem taxes

20,440

20,406

Depreciation and depletion expense

124,554

135,123

Impairment of oil and natural gas properties

—

62,119

Marketing and other deductions

16,350

16,122

General and administrative expense

39,657

38,543

Total costs and expenses

201,001

272,313

Operating income

132,829

36,994

Other expense

Interest expense

(34,470)

(26,696)

Other expense

(12)

—

Net income before income taxes

98,347

10,298

Income tax benefit

(1,304)

(772)

Net income

99,651

11,070

Distribution and accretion on Series A preferred units

(34,852)

(21,092)

Net (income) loss attributable to non-controlling interests

(8,704)

1,254

Distributions on Class B units

(58)

(71)

Net income (loss) attributable to common units of Kimbell Royalty Partners, LP

$

56,037

$

(8,839)

Basic

$

0.62

$

(0.12)

Diluted

$

0.62

$

(0.12)

Weighted average number of common units outstanding

Basic

90,803,175

76,240,472

Diluted

121,307,159

116,048,650

Kimbell Royalty Partners, LP Supplemental Schedules

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA, Cash G&A and Cash G&A per Boe are used as supplemental non-GAAP financial measures by management and external users of Kimbell's financial statements, such as industry analysts, investors, lenders and rating agencies. Kimbell believes Adjusted EBITDA is useful because it allows us to more effectively evaluate Kimbell's operating performance and compare the results of Kimbell's operations period to period without regard to its financing methods or capital structure. In addition, management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to Kimbell's unitholders. Kimbell defines Adjusted EBITDA as net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties, non-cash unit based compensation, unrealized gains and losses on derivative instruments. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP. Kimbell excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within Kimbell's industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Adjusted EBITDA should not be considered an alternative to net income, oil, natural gas and natural gas liquids revenues, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Kimbell's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Kimbell expects that cash available for distribution for each quarter will generally equal its Adjusted EBITDA for the quarter, less cash needed for debt service and other contractual obligations, tax obligations, and fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate.

Kimbell believes Cash G&A and Cash G&A per Boe are useful metrics because they isolate cash costs within overall G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. Cash G&A is defined as general and administrative expenses less unit-based compensation expense. Cash G&A per Boe is defined as Cash G&A divided by total production for a period. Cash G&A should not be considered an alternative to G&A expense presented in accordance with GAAP. Kimbell's computations of Cash G&A and Cash G&A per Boe may not be comparable to other similarly titled measures of other companies.

Kimbell Royalty Partners, LP

Supplemental Schedules

(Unaudited, in thousands)

Three Months Ended

Three Months Ended

December 31, 2025

December 31, 2024

Reconciliation of net cash provided by operating activities

to Adjusted EBITDA and cash available for distribution

Net cash provided by operating activities

$

57,226

$

56,571

Interest expense

9,119

5,956

Income benefit expense

(1,304)

(5,360)

Impairment of oil and natural gas properties

—

(56,155)

Amortization of right-of-use assets

(89)

(89)

Amortization of loan origination costs

(613)

(534)

Unit-based compensation

(4,170)

(3,763)

Gain (loss) on derivative instruments, net of settlements

3,899

(6,744)

Changes in operating assets and liabilities:

Oil, natural gas and NGL receivables

(4,671)

(3,051)

Accounts receivable and other current assets

(1,089)

1,101

Accounts payable

1,358

360

Other current liabilities

4,806

4,723

Operating lease liabilities

82

99

Consolidated EBITDA

$

64,554

$

(6,886)

Add:

Impairment of oil and natural gas properties

—

56,155

Unit-based compensation

4,170

3,763

(Gain) loss on derivative instruments, net of settlements

(3,899)

6,744

Consolidated Adjusted EBITDA

$

64,825

$

59,776

Adjusted EBITDA attributable to non-controlling interest

(8,708)

(9,092)

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$

56,117

$

50,684

Adjustments to reconcile Adjusted EBITDA to cash available

for distribution

Less:

Cash interest expense

9,470

5,011

Cash distribution to Series A preferred unitholders

2,128

4,156

Cash income tax benefit

(2,331)

—

Distribution to Class B unitholders

14

15

Cash available for distribution on common units

$

46,836

$

41,502

Kimbell Royalty Partners, LP

Supplemental Schedules

(Unaudited, in thousands, except for per-unit data and unit counts)

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 instruments, net of settlements

(3,899)

Consolidated Adjusted EBITDA

$

64,825

Adjusted EBITDA attributable to non-controlling interest

(8,708)

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$

56,117

Adjustments to reconcile Adjusted EBITDA to cash available

for distribution

Less:

Cash interest expense

9,470

Cash distribution to Series A preferred unitholders

2,128

Cash income tax benefit

(2,331)

Distribution to Class B unitholders

14

Cash available for distribution on common units

$

46,836

Common units outstanding on December 31, 2025

93,396,488

Common units outstanding on March 18, 2026 Record Date

94,613,478

Cash available for distribution per common unit outstanding

$

0.50

Fourth quarter 2025 distribution declared (1)

$

0.37

(1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility.

Kimbell Royalty Partners, LP

Supplemental Schedules

(Unaudited, in thousands, except for per-unit data and unit counts)

Three Months Ended

December 31, 2024

Net loss

$

(39,259)

Depreciation and depletion expense

31,777

Interest expense

5,956

Income tax benefit

(5,360)

Consolidated EBITDA

$

(6,886)

Impairment of oil and natural gas properties

56,155

Unit-based compensation

3,763

Loss on derivative instruments, net of settlements

6,744

Consolidated Adjusted EBITDA

$

59,776

Adjusted EBITDA attributable to non-controlling interest

(9,092)

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$

50,684

Adjustments to reconcile Adjusted EBITDA to cash available

for distribution

Less:

Cash interest expense

5,011

Cash distribution to Series A preferred unitholders

4,156

Distribution to Class B unitholders

15

Cash available for distribution on common units

$

41,502

Common units outstanding on December 31, 2024

80,969,651

Common units outstanding on March 18, 2025 Record Date

93,715,842

Cash available for distribution per common unit outstanding

$

0.44

Fourth quarter 2024 distribution declared (1)

$

0.40

(1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility. Additionally, Kimbell utilized approximately $8.2 million of cash flows expected to be received from the Q1 2025 Acquired Production after the effective date of October 1, 2024, through December 31, 2024, to pay outstanding borrowings under its credit facility and to distribute the additional cash flows to common unitholders. Revenues, production and other financial and operating results from the Q1 2025 acquisition will be reflected in Kimbell's condensed consolidated financial statements from January 17, 2025 onward.

Kimbell Royalty Partners, LP

Supplemental Schedules

(Unaudited, 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 instruments, net of settlements

(3,899)

Consolidated Adjusted EBITDA

$

64,825

Q1 2025 - Q3 2025 Consolidated Adjusted EBITDA (1)

203,233

Trailing Twelve Month Consolidated Adjusted EBITDA

$

268,058

Long-term debt (as of 12/31/25)

441,500

Cash and cash equivalents (as of 12/31/25)

(43,977)

Net debt (as of 12/31/25)

$

397,523

Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA

1.5x

(1) Consolidated Adjusted EBITDA for each of the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025 was previously reported in a news release relating to the applicable quarter, and the reconciliation of net income to consolidated Adjusted EBITDA for each quarter is included in the applicable news release. This also includes the trailing twelve months pro forma results from the Q1 2025 acquisition that closed in January 2025 in accordance with Kimbell's secured revolving credit facility.