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]

K I M B E L L R O Y A L T Y P A R T N E R S Fall 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 777 Taylor Street, Suite 810 Fort Worth, Texas 76102 (817) 945-9700 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, 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 reg ...

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 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 an ...

Financial Data and Key Metrics Changes - The company reported a cash distribution of $0.27, which is an increase of 42% compared to the fourth quarter of 2020 [6][22] - Realized oil prices increased by 37%, natural gas prices by 62%, and NGL prices by 63% [7][22] - First quarter consolidated adjusted EBITDA was $26 million, reflecting a 46% increase compared to the prior quarter [28] - Net income for the first quarter was approximately $537,000, with a net loss attributable to common units of approximately $704,000 or $0.02 per common unit [29] Business Line Data and Key Metrics Changes - The first quarter average daily production was 13,721 BOE per day, with approximately 61% from natural gas and 39% from liquids [25] - The company had 761 gross and 2.2 net drilled but uncompleted wells, as well as 669 gross or 2.54 net permits on its acreage [27] Market Data and Key Metrics Changes - The rig count increased by 26% compared to the end of the fourth quarter of 2020, with 49 active rigs at the end of Q1 2021 [26] - The company held approximately 12% market share of all rigs drilling in the lower 48 states at that time [27] Company Strategy and Development Direction - The company aims to be 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 [18] - The company has identified 10,160 gross and 68.1 net undrilled upside locations, representing an estimated 15 years of future drilling inventory [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the industry due to rapidly improving fundamentals across the U.S. energy sector [19] - The company remains focused on sustainability and growth, with a vision to deliver compelling value to unitholders for years to come [18][19] Other Important Information - The company has paid down approximately $25 million in debt since May 2020 by allocating a portion of its cash flow to debt repayment [22] - The company’s liquidity position was strong, with $96.5 million of undrawn capacity under its secured credit facility as of the end of the first quarter [31] Q&A Session Summary Question: Comments on hedging strategy and exposure to commodity prices - Management explained that the decrease in hedges is due to an increase in enterprise value, allowing for more exposure to commodity prices [38][39] Question: Discussion on inventory analysis and upside potential - Management confirmed that the inventory analysis was conservative and highlighted additional upside potential in various formations [41][42] Question: Insights on asset base and third-party assessment - Management indicated that the third-party assessment generally aligned with their views, with minor adjustments made based on feedback [52][54] Question: Consideration of share buybacks or divestitures - Management stated that they prefer to focus on consolidating assets rather than divesting, and emphasized the importance of paying down debt over buying back stock [62][65] Question: Timeline for achieving leverage targets - Management mentioned plans to pay down preferred shares next quarter and continue reducing debt to achieve a leverage target below 2x [71][73]

PART I [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Kimbell Royalty Partners' unaudited Q1 2021 financial statements reflect a net income of $0.54 million, a significant improvement from a $59.78 million net loss in Q1 2020 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2021, total assets were $564.0 million, with liabilities increasing to $195.7 million and equity decreasing to $325.0 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $8,124 | $9,805 | | Total current assets | $34,450 | $28,332 | | Total oil and natural gas properties, net | $513,802 | $520,993 | | **Total assets** | **$563,980** | **$564,634** | | **Liabilities & Equity** | | | | Total current liabilities | $15,827 | $8,767 | | Long-term debt | $168,534 | $171,550 | | **Total liabilities** | **$195,699** | **$186,333** | | **Total equity** | **$324,999** | **$335,635** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2021, the Partnership reported net income of $0.54 million, a significant improvement from a $59.78 million net loss in Q1 2020, primarily due to the absence of a $70.9 million impairment charge Statement of Operations Highlights (in thousands) | Account | Three Months Ended Mar 31, 2021 | Three Months Ended Mar 31, 2020 | | :--- | :--- | :--- | | Oil, natural gas and NGL revenues | $36,369 | $25,585 | | (Loss) gain on commodity derivative instruments, net | $(14,136) | $10,133 | | **Total revenues** | **$22,419** | **$35,947** | | Impairment of oil and natural gas properties | $0 | $70,926 | | **Total costs and expenses** | **$20,435** | **$94,474** | | **Operating income (loss)** | **$1,984** | **$(58,527)** | | **Net income (loss)** | **$537** | **$(59,784)** | | Net loss attributable to common units | $(704) | $(39,301) | | **Net loss per common unit (Basic & Diluted)** | **$(0.02)** | **$(1.29)** | [Condensed Consolidated Statements of Changes in Unitholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Unitholders%27%20Equity) Total unitholders' equity decreased to $325.0 million by March 31, 2021, primarily due to $11.3 million in distributions to unitholders and preferred units - Total equity decreased by **$10.6 million** during Q1 2021, primarily due to distributions to unitholders and preferred unitholders[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was $15.5 million for Q1 2021, decreasing from $20.8 million in Q1 2020, leading to a $1.7 million overall decrease in cash and cash equivalents Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2021 | Three Months Ended Mar 31, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $15,481 | $20,788 | | Net cash used in investing activities | $(812) | $(11,177) | | Net cash used in financing activities | $(16,350) | $(9,334) | | **Net (decrease) increase in cash** | **$(1,681)** | **$277** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the Partnership's business, accounting policies, derivative activities, and debt structure, highlighting no impairment in Q1 2021 and a new interest rate swap - The Partnership's business is owning and acquiring **mineral and royalty interests**, entitling it to revenue from oil and gas production without funding drilling or operating costs[19](index=19&type=chunk) - In January 2021, the Partnership entered into an **interest rate swap**, fixing the interest rate at approximately **3.9%** on **$150.0 million** of its secured revolving credit facility until January 2024[33](index=33&type=chunk) - **No impairment** was recorded on oil and natural gas properties for the three months ended March 31, 2021, in contrast to a **$70.9 million impairment** for the same period in 2020[44](index=44&type=chunk) - Subsequent to the quarter end, the Partnership drew down **$4.0 million** on its credit facility and declared a Q1 2021 cash distribution of **$0.27 per common unit**[81](index=81&type=chunk)[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial results, highlighting a 42% increase in oil, gas, and NGL revenues due to higher commodity prices, offset by derivative losses, and the absence of a prior-year impairment charge [Overview and Business Environment](index=27&type=section&id=Overview%20and%20Business%20Environment) Kimbell owns mineral and royalty interests in over 97,000 wells, with Q1 2021 showing improved commodity prices and a rebound in rig count despite a year-over-year decrease - As of March 31, 2021, Kimbell owned interests in approximately **13.6 million gross acres** and over **97,000 gross wells**, with the **Permian Basin** being a key area[91](index=91&type=chunk)[94](index=94&type=chunk) Average Commodity Prices (EIA) | Commodity | Three Months Ended Mar 31, 2021 | Three Months Ended Mar 31, 2020 | | :--- | :--- | :--- | | Oil ($/Bbl) | $58.09 | $45.54 | | Natural gas ($/MMBtu) | $3.50 | $1.90 | - The Baker Hughes active land rig count was **416** at March 31, 2021, a **41.4% decrease** from 710 rigs at March 31, 2020, but a **25.3% increase** from 332 rigs at December 31, 2020[116](index=116&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q1 2021 results show a **42% increase** in oil, natural gas, and NGL revenues due to higher commodity prices, leading to operating income compared to a prior-year loss burdened by a **$70.9 million impairment** - Oil, natural gas, and NGL revenues increased to **$36.4 million** in Q1 2021 from **$25.6 million** in Q1 2020, driven by a **20.5% increase** in average oil prices and a **71.5% increase** in average natural gas prices received[140](index=140&type=chunk)[142](index=142&type=chunk) - A **net loss on commodity derivatives of $14.1 million** was recorded in Q1 2021, compared to a **$10.1 million gain** in Q1 2020, due to rising strip prices[138](index=138&type=chunk)[144](index=144&type=chunk) - **No impairment expense** was recorded in Q1 2021, compared to a **$70.9 million impairment** in Q1 2020, which was caused by a significant decline in commodity prices and drilling uncertainty at that time[149](index=149&type=chunk) - Depreciation and depletion expense decreased to **$7.9 million** in Q1 2021 from **$13.3 million** in Q1 2020, as the depletion rate per barrel fell from **$10.86 to $6.22** due to significant impairments recorded in 2020[146](index=146&type=chunk)[148](index=148&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on cash from operations and its credit facility, with $5.6 million allocated to debt repayment in Q1 2021, leaving $96.5 million in available capacity - The Board of Directors approved allocating **25%** of cash available for distribution for Q1 2021 to repay **$5.6 million** in outstanding borrowings under the secured revolving credit facility[157](index=157&type=chunk) Credit Facility Status (as of March 31, 2021) | Item | Amount (in millions) | | :--- | :--- | | Borrowing Base | $265.0 | | Outstanding Borrowings | $168.5 | | Available Capacity | $96.5 | - Net cash provided by operating activities **decreased by $5.3 million to $15.5 million** in Q1 2021 compared to Q1 2020[162](index=162&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages commodity price volatility with fixed-price swap derivatives and mitigates interest rate risk on its variable-rate debt by fixing **$150.0 million** at **3.9%** through an interest rate swap - The company uses **commodity derivative contracts (fixed price swaps)** to reduce exposure to oil and natural gas price volatility[174](index=174&type=chunk)[175](index=175&type=chunk) - As of March 31, 2021, the company had **two counterparties** for its derivative contracts, both of which are also lenders under its credit facility[180](index=180&type=chunk) - To manage interest rate risk, the company entered an **interest rate swap** fixing the rate on **$150.0 million** of its debt at **~3.9%** until January 2024, covering approximately **89%** of its outstanding balance at the time[183](index=183&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of March 31, 2021, the company's disclosure controls and procedures were **effective** at a reasonable assurance level[184](index=184&type=chunk) - **No material changes** to the internal control over financial reporting occurred during the quarter ended March 31, 2021[185](index=185&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) As of March 31, 2021, the company is not aware of any legal, environmental, or other commitments that would materially affect its financial condition or operations - As of March 31, 2021, management is **not aware of any legal proceedings** that would materially affect the Partnership[79](index=79&type=chunk)[188](index=188&type=chunk) [Item 1A. Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - There have been **no material changes** to the risk factors disclosed in the 2020 Form 10-K[189](index=189&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company did not have a common unit repurchase program, but 85,360 common units were withheld to satisfy tax obligations from restricted unit vesting - In March 2021, **85,360 common units** were withheld to satisfy tax-withholding obligations from the vesting of restricted units[191](index=191&type=chunk) - The company **did not have a common unit repurchase program** in place during the quarter[191](index=191&type=chunk) [Item 6. Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents and CEO/CFO certifications [Signatures](index=57&type=section&id=Signatures) The report is signed on May 6, 2021, by Robert D. Ravnaas, CEO, and R. Davis Ravnaas, President and CFO, for Kimbell Royalty Partners, LP

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