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 ...

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]

Kimbell Royalty Partners, LP (NYSE:KRP) Q1 2022 Earnings Conference Call May 5, 2022 11:00 AM ET Company Participants Rick Black - Investor Relations Bob Ravnaas - Chairman and Chief Executive Officer Davis Ravnaas - President and Chief Financial Officer Matt Daly - Chief Operating Officer Blayne Rhynsburger - Controller Conference Call Participants Chris Baker - Credit Suisse Trafford Lamar - Raymond James Nate Pendleton - Stifel TJ Schultz - RBC Capital Operator Greetings and welcome to the Kimbell Royalt ...

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 ...

K I M B E L L R O Y A L T Y P A R T N E R S Winter 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 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 ...

Financial Data and Key Metrics Changes - Second quarter total revenues were $25.7 million, with net income of approximately $3.7 million and net income attributable to common units of approximately $1.5 million, or $0.04 per common unit [15][20] - Consolidated adjusted EBITDA reached a new record of $28.1 million, an increase of 8% compared to the prior quarter [20] - Cash available for distribution resulted in a 15% increase in quarterly distribution to $0.31 per common unitholder, reflecting a 75% payout of cash available for distribution [6][20] Business Line Data and Key Metrics Changes - Average daily production for Q2 was 14,393 BOE per day, with a run rate production of 14,011 BOE per day, up 2% sequentially from Q1 [6][19] - The production composition was approximately 61% from natural gas and 39% from liquids, with 26% from oil and 13% from NGLs [19] - The company had 50 active rigs at the end of Q2, up from 49 in Q1, indicating increased operational activity [19] Market Data and Key Metrics Changes - Oil prices are well above pre-COVID levels, while natural gas prices are at multi-year highs, driven by increased power demand and surging LNG exports [8] - The U.S. land rig count is 39% below year-end 2019 levels, indicating a disciplined approach to drilling despite higher commodity prices [7][8] Company Strategy and Development Direction - The company aims to remain a major consolidator in the fragmented U.S. oil and gas royalty sector, focusing on assembling a high-quality, low PDP decline, and diversified royalty portfolio [12] - Kimbell plans to continue its long-term focus on sustainability and growth, with a strong track record of organic growth and strategic acquisitions [11][12] - The company is optimistic about the energy sector's recovery and the potential for industry consolidation, which could benefit Kimbell specifically [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, citing improved fundamentals across the U.S. energy sector and a favorable outlook for production due to high natural gas prices [23][34] - The company does not expect to pay a material amount of federal income taxes from 2021 to 2027, providing a competitive advantage in generating superior after-tax returns [9][10] - Management noted that the current market conditions have made it challenging to pursue large-scale mineral acquisitions, but they remain open to opportunities [27][28] Other Important Information - The company successfully redeemed 55% of the outstanding Series A cumulative convertible preferred units for $36.1 million, simplifying its capital structure [21] - Kimbell Tiger Acquisition Corporation, a newly formed SPAC sponsored by Kimbell, will search for a target in the energy and natural resources industry [13] Q&A Session Summary Question: Update on mineral acquisition front - Management noted that while they have historically been active in acquisitions, the current market has made it difficult to find significant opportunities due to undervaluation of public mineral companies [27][28] Question: Outlook for the first half of next year - Management expressed a positive outlook, particularly due to high natural gas prices, which are expected to drive increased activity [34] Question: Rig count market share trends - Management indicated that the slight dip in market share is likely temporary, with expectations of an increase in rig count based on recent trends [38][39] Question: Lease bonuses and new activity - Management highlighted increased lease bonuses in Q2, particularly in Martin County, Texas, indicating a positive sign for future activity [41]