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 ...

K I M B E L L ROYALTY PARTNERS 1. Company Overview and History Kimbell Overview Q4 2022 Highlights – Record Production and Activity Level In Q4'22, Kimbell generated a $64.4 million in oil, natural gas and NGL revenues, $46.2 million in consolidated Adjusted EBITDA, with Rig Count up 16% and record level of Net DUCs and Permits This presentation includes forward-looking statements relating to the business, financial performance, results, plans, objectives and expectations of Kimbell Royalty Partners, LP ("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, 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 ...

Kimbell Royalty Partners, LP (NYSE:KRP) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET Company Participants Rick Black - IR Bob Ravnaas - Chairman and CEO Davis Ravnaas - President and CFO Matt Daly - COO Conference Call Participants John Annis - Stifel Tim Rezvan - KeyBanc Capital Markets Trafford Lamar - Raymond James Operator Greetings, and welcome to the Kimbell Royalty Partners Fourth Quarter Earnings Conference Call. [Operator Instructions] And as a reminder, this conference is being r ...

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 ...