Financial Data and Key Metrics Changes - The company reported total revenues of $87.5 million for Q1 2024, marking a 4.2% increase compared to Q4 2023, which is the highest quarterly revenue in its history [29] - Run rate production was 24,678 BOE per day, reflecting 1.4% organic growth from Q4 2023 and 5.6% organic growth on an annualized basis [29] - Net income for Q1 was approximately $9.3 million, with net income attributable to common units at approximately $3.2 million or $0.04 per common unit [30] - Consolidated adjusted EBITDA reached a record of $74.1 million, up approximately 7.4% from the previous quarter [30] Business Line Data and Key Metrics Changes - The company maintained a flat rig count at 98 rigs between Q4 and Q1, representing approximately 16.3% market share of all land rigs drilling in the Continental United States [29] - The Haynesville basin saw a 3% organic production increase quarter-over-quarter, while the Permian basin grew by 5% [17][29] Market Data and Key Metrics Changes - The company affirmed its 2024 guidance, maintaining a daily production midpoint of 24,000 BOE per day, indicating confidence in continued robust development [31] - The company noted a conservative balance sheet with a net debt to trailing 12-months consolidated adjusted EBITDA ratio of 1x [31] Company Strategy and Development Direction - The company is focused on long-term growth and enhancing unitholder value, with a positive outlook for the royalties and mineral space [32] - The management expressed interest in M&A opportunities, particularly in the Permian basin, while noting a relatively muted start to the year for M&A activity [35] Management Comments on Operating Environment and Future Outlook - Management indicated that activity levels are in line with expectations, with no evidence of a dramatic slowdown in operations [22][24] - The company remains optimistic about industry trends and overall demand for energy, which supports its growth strategy [32] Other Important Information - A cash distribution of $0.49 per common unit was announced for Q1, representing a 14% increase compared to the previous quarter [45] - Approximately 79% of the distribution will be considered a return of capital, enhancing after-tax returns for common unitholders [38] Q&A Session Summary Question: What is the perspective on the M&A market and opportunities? - Management noted that most opportunities of scale are in the Permian, with expectations for larger deals, around $100 million-plus, to be consummated later in the year [35] Question: Is there any change anticipated in the cash distribution payout level? - Management confirmed that they do not anticipate any changes to the 75% payout ratio [11] Question: What is the outlook for production guidance and activity levels? - Management stated that production guidance remains unchanged, with activity levels slightly above the midpoint of guidance [22][24]

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 March 31, 2024 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) 1311 (Primary Standard Industr ...

Kimbell Royalty (KRP) came out with quarterly earnings of $0.04 per share, missing the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -78.95%. A quarter ago, it was expected that this company would post earnings of $0.32 per share when it actually produced earnings of $0.14, delivering a surprise of -56.25%.Over the last four quarters, the company ...

Exhibit 99.1 NEWS RELEASE Kimbell Royalty Partners Announces Record First Quarter 2024 Results Record Q1 2024 Run-Rate Daily Production of 24,678 Boe/d (6:1) Exceeds Mid-Point of Guidance Record Q1 2024 Oil, Natural Gas and NGL Revenues and Adjusted EBITDA Activity on Acreage Remains Robust with 98 Active Rigs Drilling Representing 16% Market Share of U.S. Land Rig Count Announces Q1 2024 Cash Distribution of $0.49 per Common Unit FORT WORTH, Texas, May 2, 2024 – Kimbell Royalty Partners, LP (NYSE: KRP) ("K ...

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, 2023 ☐ 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 ...

Activity on Acreage Remains Robust with 98 Active Rigs Drilling Representing 16% Market Share of U.S. Land Rig Count Superior Five-Year Annual Average PDP Decline Rate of 14% Requires Only an Estimated 5.8 Net Wells Annually to Maintain Flat Production Compared to 8.4 Net Line-of-Site Wells Increase in Borrowing Base on Secured Revolving Credit Facility to $550 Million; Conservative Balance Sheet with Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA of 1.0x Announces Q4 2023 Cash Distribution ...

Financial Data and Key Metrics Changes - The company reported oil, natural gas, and NGL revenues of $69.2 million, an increase of 21.5% compared to the second quarter [10] - Net income for the third quarter was approximately $18.5 million, compared to $17.8 million in the previous quarter [12] - The company achieved a record daily production of 23,531 BOE per day, marking a significant milestone [24] - Consolidated adjusted EBITDA for the third quarter was $55.8 million, up from $45 million in the previous quarter [44] - The cash distribution declared for the third quarter was $0.51 per common unit, representing a 31% increase from the previous quarter [23] Business Line Data and Key Metrics Changes - The production mix shifted towards liquids, with oil and NGLs now representing 49% of total production, up from 46% in the previous quarter [7] - The company maintained a best-in-class PDP decline rate of only 14% even after the recent acquisition [7] Market Data and Key Metrics Changes - The company achieved a 17% market share of the overall U.S. land rig count, the highest in its history [7] - As of September 30, 2023, there were 99 rigs actively drilling on the company's acreage [11] Company Strategy and Development Direction - The company aims to continue consolidating the U.S. oil and natural gas royalty sector while generating long-term value for unitholders [22] - The management expressed confidence in the resilience of production and potential for organic growth as they move into 2024 [31] - The company plans to maintain a conservative balance sheet with a net debt to trailing 12 months consolidated adjusted EBITDA ratio of 0.9 times [45] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive dynamic for larger packages is favorable for buyers, indicating a robust M&A environment [32] - The company expects continued growth opportunities and is optimistic about the industry outlook [28] - Management highlighted the importance of maintaining a consistent payout ratio while also focusing on debt reduction [39] Other Important Information - The company amended its credit agreement to increase the borrowing base from $350 million to $400 million and extended the maturity to June 2027 [13] - Approximately 55% of the third quarter distribution is expected to be nontaxable for U.S. federal income tax purposes [110] Q&A Session Summary Question: Growth trajectory and production forecast - Management acknowledged the record number of line of sight wells and expressed confidence in maintaining production levels [31] Question: Competitive landscape for M&A - Management indicated a favorable environment for buyers and expressed intent to participate selectively in M&A activities [32][70] Question: Tax guidance and future distributions - Management stated that the distribution's nontaxable portion is expected to change with commodity prices [58] Question: Visibility on converting permits to PDPs - Management noted that permit conversions typically take 12 to 18 months and expressed optimism about the recent acquisitions [72]

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, 2023 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 ...

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, 2023 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 ...

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 March 31, 2023 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 juris ...