Company Overview - Kimbell is presented as a pure play mineral company with an attractive annualized cash distribution yield of 105%[6] - The company possesses a diversified, high-quality asset base and an attractive tax structure[9] - Kimbell has interests in over 131000 gross wells across over 17 million gross acres in the US[13] - Since its IPO in 2017, Kimbell has completed over $20 billion in M&A transactions[13] Financial Highlights - Q3 2025 oil, natural gas and NGL revenues reached $768 million[18, 22, 26] - Q3 2025 consolidated Adjusted EBITDA was $623 million[18, 20, 26] - Net income for Q3 2025 was approximately $223 million, with $170 million attributable to common units[18, 20, 26] - The company's Net Debt to TTM Consolidated Adjusted EBITDA stood at 16x[16, 20, 26] Asset Portfolio and Operations - Kimbell estimates it has over 14 years of drilling inventory remaining[15] - The company's acreage has 86 active rigs drilling, representing approximately 16% market share of the U S land rig count[20, 26] - Kimbell identified 11510 gross / 7771 net total upside locations on major properties as of December 31, 2024[40]

Viper Energy Investment Highlights - Viper's Q2 2025 cash available for distribution was $0.74 per share, with a total return of capital to Class A shareholders of $0.56 per share[14] - The company turned 302 total gross (6.5 net 100% royalty interest) horizontal wells to production during Q2 2025, with an average lateral length of 12,846 feet[14] - Viper closed a drop-down acquisition of Diamondback's mineral and royalty interests on May 1, 2025, for approximately $1 billion in cash and 69.6 million OpCo units[14] - Q3 2025 average production guidance is 46,000 - 49,000 bo/d (86,000 - 92,000 boe/d)[14] - Viper entered into a definitive agreement to acquire Sitio Royalties Corp in an all-equity transaction on June 3, 2025[14] - Post-Sitio Acquisition, estimated production for the balance of 2025 is 64,000 - 68,000 bo/d (122,000 - 130,000 boe/d)[14] Return of Capital - The base dividend of $0.33 per share implies a 3.6% annualized yield, representing approximately 45% of estimated cash available for distribution assuming $50 WTI[14] - A variable dividend for Q2 2025 of $0.20 per share was declared, bringing the total base-plus-variable dividend to $0.53 per share, implying a 5.8% annualized yield[14] - The board authorized a $750 million share repurchase program, with 13.7 million shares repurchased through August 1, 2025, for an aggregate of $326 million at an average price of $23.76 per share[14] Financial Position - Viper has a market capitalization of $10.9 billion, net debt of $1.1 billion, and liquidity of $1.2 billion[21] - The company has approximately 61,275 net royalty acres in the Permian Basin, with 69 rigs currently operating on its acreage[14, 21]