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 ...

Financial Data and Key Metrics Changes - The company reported a net loss of $76.8 million for Q2 2020, with a net loss attributable to common units of $48 million or $1.39 per common unit, primarily due to a $65.5 million non-cash impairment expense related to commodity price weakness [16][17] - The payout ratio was increased from 50% to 75% of cash available for distribution, resulting in a distribution of $0.13 per common unit [17][18] - Consolidated adjusted EBITDA for Q2 was $12.1 million, with a slight adjustment for a one-time transition services agreement related to the Springbok acquisition [17] Business Line Data and Key Metrics Changes - The average daily run rate production for Q2 2020 was 14,069 barrels of oil equivalent (Boe) per day, down 7% from Q1 2020's record production of 15,188 Boe per day [7][15] - The production mix for Q2 consisted of approximately 41% from liquids (28% oil and 13% NGLs) and 59% from natural gas [15] Market Data and Key Metrics Changes - The company maintained a market share of 11.6% of all drilling rig activity in the Lower 48 states as of June 30, 2020, with 29 active rigs [15][19] - The average realized prices for Q2 were $24.89 per barrel of oil, $1.44 per Mcf of natural gas, and $7.87 per barrel of natural gas liquids, leading to a total combined Boe price of $13.09 [16] Company Strategy and Development Direction - The company aims to continue its strategy as a consolidator of diversified and low PDP decline minerals, generating substantial free cash flow for distribution to unit holders [10] - The Springbok acquisition is viewed as a strategic move to enhance cash flow and growth opportunities [11] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery of commodity prices and the U.S. economy, believing that the worst of production curtailments is behind them [6][8] - The company anticipates that most curtailments experienced in Q2 will reverse in the coming quarters, supported by a strong inventory of permits and drilled but uncompleted wells [14][13] Other Important Information - The company expects that substantially all distributions for the remainder of 2020 through 2023 will be non-taxable, considered a return of capital [18] - As of June 30, 2020, the company had approximately $171.7 million in debt outstanding, with a pro forma total debt to trailing 12-month consolidated adjusted EBITDA ratio of approximately 2.3 times [19] Q&A Session Summary Question: Details on curtailments or shut-ins during Q2 - Management indicated that approximately 6% of the 7% production drop was due to temporary curtailments, which are expected to reverse [27][29] Question: Discussion on payout ratio increase - Management explained the decision to increase the payout ratio to 75% was based on improved market conditions and investor feedback, with a focus on maintaining leverage levels [35][38] Question: Insights on micro investment deals and M&A outlook - Management noted that while it is challenging to transact in the current environment, there are opportunities for distressed sales, and they are focusing on both micro and larger M&A strategies [44][47] Question: Outlook for the second half of the year - Management expressed optimism that Q3 production would be higher than Q2 due to the reversal of curtailments, while also acknowledging natural decline and fewer rigs running [56][58]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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) 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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

CONFIDENTIAL | NOT FOR DISTRIBUTION KIMBELL ROYALTY PARTNERS FALL 2020 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, fu ...

Kimbell Royalty Partners LP (NYSE:KRP) Q1 2020 Earnings Conference Call May 7, 2020 11:00 AM ET Company Participants Rick Black - EVP, Dennard Lascar Associates Robert Ravnaas - CEO & Chairman Davis Ravnaas - President & CFO Matthew Daly - COO & Secretary Conference Call Participants John Freeman - Raymond James & Associates Derrick Whitfield - Stifel, Nicolaus & Company Jason Wangler - Wunderlich Securities Operator Greetings, and welcome to the Kimbell Royalty Partners First Quarter Earnings Conference Ca ...

CONFIDENTIAL | NOT FOR DISTRIBUTION KIM B E L L R O Y A L T Y P A R T N E R S SUMMER 2020 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 an ...

Table of Contents UNITED STATES 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, 2020 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 jurisdiction of incorporation or organization) 1311 (Primary St ...

CONFIDENTIAL | NOT FOR DISTRIBUTION KIMBELL ROYALTY PARTNERS SPRING 2020 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, ...

Table of Contents 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, 2019 ☐ 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 jurisdiction ...

Kimbell Royalty Partners, LP. (NYSE:KRP) Q4 2019 Earnings Conference Call February 27, 2020 11:00 AM ET Company Participants Rick Black – Investor Relations Bob Ravnaas – Chairman and Chief Executive OfficerS Davis Ravnaas – President and Chief Financial Officer Matt Daly – Chief Operating Officer Conference Call Participants John Freeman – Raymond James Derrick Whitfield – Stifel TJ Schultz – RBC Capital Markets Betty Jiang – Credit Suisse Jason Wangler – Imperial Capital Operator Greetings and welcome to ...