Table of Contents f UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38005 Kimbell Royalty Partners, LP (Exact name of registrant as specified in its charter) Delaware (State or other jurisdicti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38005 Kimbell Royalty Partners, LP (Exact name of registrant as specified in its charter) Delaware (State or other jurisd ...

Production and Operations - As of March 31, 2022, the company owned mineral and royalty interests in approximately 11.4 million gross acres and overriding royalty interests in approximately 4.7 million gross acres, with over 99% of the acreage leased to working interest owners[125] - The company has a total average daily production of 149,589 Boe/d across various basins, with the Permian Basin contributing 23,560 Boe/d from 46,933 wells[126] - The company reported a total of 705 drilled but uncompleted wells (DUCs) and 683 permitted locations, indicating potential future production growth[127] - Approximately 62% of the company's mineral and royalty interests are located in the Permian Basin, Mid-Continent, and Bakken/Williston Basin, highlighting a strategic focus on key oil-producing regions[125] - The company operates in 28 states and has ownership in over 122,000 gross wells, demonstrating a broad operational footprint across the continental United States[125] Financial Performance - Net income for the three months ended March 31, 2022, was $8,407,244, compared to $537,194 for the same period in 2021, indicating a significant increase[154] - Adjusted EBITDA for the three months ended March 31, 2022, was $43,929,146, compared to $25,996,803 for the same period in 2021, reflecting a 69.0% increase[155] - Cash available for distribution on common units for the three months ended March 31, 2022, was $36,421,007, compared to $14,716,397 for the same period in 2021, showing a 147.5% increase[155] - For Q1 2022, the company reported net cash provided by operating activities of $36.0 million, an increase of 132% from $15.5 million in Q1 2021[188] - Cash flows used in investing activities for Q1 2022 were $237.3 million, significantly higher than $0.8 million in Q1 2021, primarily due to $236.9 million in investments held in marketable securities[189] - Cash flows provided by financing activities were $207.8 million in Q1 2022, compared to cash outflows of $16.3 million in Q1 2021, driven by $227.6 million from the initial public offering of TGR[190] Commodity Prices and Market Conditions - The average oil price for the three months ended March 31, 2022, was $95.18 per Bbl, compared to $58.09 per Bbl in the same period of 2021, representing a 63.8% increase[143] - The average natural gas price for the three months ended March 31, 2022, was $4.67 per MMBtu, compared to $3.50 per MMBtu in the same period of 2021, representing a 33.4% increase[143] - The ongoing impacts of COVID-19 and geopolitical conflicts, such as the Russia/Ukraine conflict, continue to create uncertainty in the oil and natural gas markets[139] - Commodity prices for oil, natural gas, and NGL production have been volatile, with expectations for continued volatility due to COVID-19 and supply-demand imbalances[214] Derivative Instruments and Risk Management - The company has entered into commodity derivative agreements extending through March 2024 to stabilize prices for a portion of its oil and natural gas production[148] - The company utilizes commodity derivative contracts to mitigate exposure to price volatility in oil and natural gas[214] - Changes in fair values of derivative contracts will significantly affect current period earnings, as they are recognized as gains and losses[217] - As of March 31, 2022, the company had four counterparties to its derivative contracts, which are also lenders under its secured revolving credit facility[220] Distributions and Shareholder Returns - The company paid a total quarterly distribution of $8,211 to Class B unitholders for the quarter ended March 31, 2022, reflecting a cash distribution of 2.0% per quarter on their respective Class B Contribution[135] - The quarterly cash distribution declared by the Board of Directors was $0.47 per common unit for the quarter ended March 31, 2022[136] - The company expects that substantially all of its Q1 2022 distribution will not constitute taxable dividend income, resulting in a non-taxable reduction to the tax basis of unitholders[199] Expenses and Liabilities - General and administrative expenses were $7.3 million, an increase of $0.5 million from $6.8 million in the prior year, influenced by expenses incurred by TGR[177] - Interest expense increased to $2.9 million for the three months ended March 31, 2022, compared to $2.1 million in the same period of 2021, primarily due to debt incurred for the redemption of Series A preferred units[178] - The company does not currently maintain a material reserve of cash for quarterly distribution stability or growth, nor does it intend to incur debt for distributions[182] - As of March 31, 2022, total borrowings under the secured revolving credit facility amounted to $226.5 million, with a potential annual interest expense increase of approximately $2.3 million for a 1% interest rate rise[222] Strategic Plans and Future Outlook - The company aims to provide increasing cash distributions to unitholders through acquisitions and organic growth from properties in which it holds interests[124] - The company expects to continue pursuing acquisitions of mineral and royalty interests, which may involve significant financial impacts on its operations[160] - The company plans to finance acquisitions of mineral and royalty interests largely through external sources, including borrowings and equity issuance[183] - The company entered into an interest rate swap with Citibank, fixing the interest rate on $150.0 million of the notional balance at approximately 3.9% until January 29, 2024, covering about 66% of the outstanding balance[223]

Table of Contents f WTI UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38005 Kimbell Royalty Partners, LP (Exact name of registrant as specified in its charter) Delaware (State or other jurisd ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38005 Kimbell Royalty Partners, LP (Exact name of registrant as specified in its charter) Delaware (State or other j ...

K I M B E L L R O Y A L T Y P A R T N E R S Fall 2021 Investor Presentation Disclaimer This presentation includes forward-looking statements relating to the business, financial performance, results, plans, objectives and expectations of Kimbell Royalty Partners, LP ("KRP" or "Kimbell"). Statements that do not describe historical or current facts, including statements about beliefs and expectations and statements about the federal income tax treatment of future earnings and distributions, future production, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 777 Taylor Street, Suite 810 Fort Worth, Texas 76102 (817) 945-9700 Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38005 Kimbell Royalty Partners, LP (Exact name of reg ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38005 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Kimbell Royalty Partners, LP (Exact name of registrant as specified in its charter) Delaware (State or other juris ...

Table of Contents f WTI UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38005 Kimbell Royalty Partners, LP (Exact name of registrant as specified in its charter) Delaware (State or other jurisd ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Kimbell Royalty Partners, LP (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 1311 (Primary Standard Industrial Classification Code Number) 47-5505475 (I.R.S. Employer Identification No.) 777 Taylor Street, Suite 810 Fort Worth, Texas 76102 (81 ...