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 ...

Kimbell Royalty Partners, LP (NYSE:KRP) Q4 2023 Earnings Conference Call February 21, 2024 11:00 AM ET Company Participants Rick Black - IR Bob Ravnaas - Chairman & CEO Davis Ravnaas - President & CFO Blayne Rhynsburger - Controller Matthew Daly - COO Conference Call Participants Neal Dingmann - Truist Securities Jon Mardini - KeyBanc Capital Markets Derrick Whitfield - Stifel Paul Diamond - Citi Grant Adkins - Raymond James Aaron Bilkoski - TD Cowen Operator Welcome to the Kimbell Royalty Partners Fo ...

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 ...

Asset Ownership and Acquisitions - As of June 30, 2023, Kimbell Royalty Partners owned mineral and royalty interests in approximately 11.6 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[127]. - Kimbell Royalty Partners completed the acquisition of mineral and royalty assets from MB Minerals for approximately $48.8 million in cash and the issuance of 5,369,218 common units[136]. - A new acquisition of mineral and royalty interests from LongPoint Minerals II, LLC is valued at approximately $455.0 million, to be funded through a private placement and borrowings[137]. - The company is actively pursuing acquisitions of mineral and royalty interests, including the Hatch Acquisition and MB Minerals Acquisition, which may materially impact financial results[158]. Production and Revenue - The average daily production across all basins was 18,145 Boe/d, with the Permian Basin contributing 6,070 Boe/d from 48,766 wells[130]. - Production volumes increased to 1,651,156 Boe (18,145 Boe/d) for the three months ended June 30, 2023, an increase of 290,892 Boe (3,197 Boe/d) from 1,360,264 Boe (14,948 Boe/d) for the same period in 2022, primarily due to the Hatch Acquisition[166]. - For the three months ended June 30, 2023, oil, natural gas, and NGL revenues were $57.0 million, a decrease of $21.6 million (27.5%) from $78.6 million for the same period in 2022[165]. - For the six months ended June 30, 2023, oil, natural gas, and NGL revenues were $114.4 million, a decrease of $29.3 million (20.4%) from $143.7 million in 2022[178]. Financial Performance - Adjusted EBITDA for the three months ended June 30, 2023, was $44,704,061, compared to $59,694,857 for the same period in 2022[155]. - Cash available for distribution on common units for the three months ended June 30, 2023, was $29,677,358, compared to $42,298,560 for the same period in 2022[155]. - Consolidated Adjusted EBITDA for the first half of 2023 was $87.29 million, down 10.5% from $97.50 million in the same period of 2022[156]. - Cash available for distribution on common units for the first half of 2023 was $60.31 million, down 23.5% from $78.80 million in the same period of 2022[156]. Commodity Prices and Market Conditions - Oil prices for the six months ended June 30, 2023, ranged from a high of $83.26 to a low of $66.61, compared to a high of $123.64 and a low of $75.99 for the same period in 2022[142]. - Natural gas prices for the same period in 2023 ranged from a high of $3.78 to a low of $1.74, while in 2022, they ranged from a high of $9.44 to a low of $3.73[142]. - The ongoing Russia-Ukraine conflict has increased volatility in commodity prices, although there has been no material impact on operations to date[140]. - The pricing for oil, natural gas, and NGL production has been volatile, influenced by global supply and demand imbalances[216]. Expenses and Financial Obligations - Interest expense for Q2 2023 was $6.34 million, an increase of 90.7% from $3.32 million in Q2 2022[156]. - Interest expense increased to $11.8 million for the six months ended June 30, 2023, compared to $6.2 million in 2022, primarily due to a rise in the weighted average interest rate[189]. - General and administrative expenses were $16.2 million for the six months ended June 30, 2023, an increase of $1.7 million from $14.5 million in 2022, due to higher unit-based compensation[187]. - The company drew down $47.0 million on its senior secured revolving credit facility on July 28, 2023, to fund the deposit for the LongPoint Acquisition[138]. Operational Metrics - As of June 30, 2023, there were 767 drilled but uncompleted wells (DUCs) across various basins, with the Permian Basin having 462 DUCs[131]. - The total number of active rigs on the company's acreage increased to 90 as of June 30, 2023, from 74 in the previous year[147]. - The Baker Hughes United States Rotary Rig count decreased by 10.5% to 653 active land rigs as of June 30, 2023, down from 730 rigs a year earlier[146]. Cash Flow and Financing Activities - Cash flows provided by operating activities were $78.6 million for the six months ended June 30, 2023, an increase of $2.1 million from $76.5 million in 2022[200]. - Cash flows provided by investing activities were $199.9 million for the six months ended June 30, 2023, compared to cash used of $234.0 million in 2022, including significant cash received from investments[201]. - Cash flows used in financing activities were $282.7 million for the six months ended June 30, 2023, compared to $164.6 million provided in 2022, reflecting substantial distributions to unitholders[203]. Risk Management and Derivative Contracts - The company has entered into commodity derivative agreements extending through June 2025 to stabilize prices for a portion of oil and natural gas produced[148]. - The company has entered into commodity derivative contracts to mitigate exposure to price volatility in oil and natural gas[216]. - Changes in fair values of derivative contracts will be recognized as gains and losses in current period earnings, potentially affecting earnings significantly[219]. Other Considerations - Inflation has not materially impacted operations from January 1, 2022, to June 30, 2023, but could affect future cost structures[224]. - The company does not control the volumes or methods of sale for oil, natural gas, and NGLs produced from its properties[221]. - There have been no substantial changes to critical accounting policies since the previous disclosure in the 2022 Form 10-K[214].

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 ...