8-K
Kimbell Royalty Partners, LP (KRP)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 6, 2025
Kimbell Royalty Partners, LP
(Exact name of registrant as specified in its charter)
| Delaware | 1-38005 | 47-5505475 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 777 Taylor Street, Suite 810<br><br> <br>Fort Worth, Texas | 76102 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, includingarea code:
(817
) 945-9700
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to 12(b) of the Act:
| Title of each class: | Trading symbol(s): | Name of each exchange on which <br> registered: |
|---|---|---|
| Common Units Representing Limited Partnership Interests | KRP | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. | Results of Operations and Financial Condition. |
|---|
On November 6, 2025, Kimbell Royalty Partners, LP (the “Partnership”) issued a news release announcing its third quarter 2025 financial and operating results. A copy of the news release is attached hereto, furnished as Exhibit 99.1 and incorporated in this Item 2.02 by reference.
| Item 7.01. | Regulation FD Disclosure. |
|---|
Also on November 6, 2025, the Partnership posted an updated investor presentation on its website. The presentation, titled “Winter 2025 Investor Presentation,” may be found at http://www.kimbellrp.com under the “Events and Presentations” section under the “Investor Relations” tab on the Partnership’s website. Investors should note that the Partnership announces financial information in filings with the Securities and Exchange Commission, press releases and public conference calls as well as on its website.
The information contained in Item 2.02, Item 7.01 and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits
| Number | Description |
|---|---|
| 99.1 | News release issued by Kimbell Royalty Partners, LP dated November 6, 2025. |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KIMBELL ROYALTY<br> PARTNERS, LP | |
|---|---|
| By: | Kimbell Royalty<br> GP, LLC, |
| its general partner | |
| By: | /s/ Matthew S. Daly |
| Matthew S. Daly | |
| Chief Operating Officer |
Date: November 6, 2025
Exhibit 99.1
NEWS RELEASE
Kimbell RoyaltyPartners Announces Third Quarter 2025 Results
Q3 2025 Run-RateDaily Production of 25,530 Boe/d (6:1) Exceeds Mid-Point of Guidance
Activityon Acreage Remains Robust with 86 Active Rigs Drilling Representing 16%^1^ MarketShare of U.S. Land Rig Count
Announces Q32025 Cash Distribution of $0.35 per Common Unit
FORTWORTH, Texas, November 6, 2025 – Kimbell Royalty Partners, LP (NYSE: KRP) (“Kimbell” or the “Company”), a leading owner of oil and natural gas mineral and royalty interests in over 131,000 gross wells across 28 states, today announced financial and operating results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights
| · | Q3<br> 2025 run-rate daily production of 25,530 barrels of oil equivalent (“Boe”) per<br> day (6:1) |
|---|---|
| · | Q3<br> 2025 oil, natural gas and NGL revenues of $76.8 million |
| --- | --- |
| · | Q3<br> 2025 net income of approximately $22.3 million and net income attributable to common units<br> of approximately $17.0 million |
| --- | --- |
| · | Q3<br> 2025 consolidated Adjusted EBITDA of $62.3 million |
| --- | --- |
| · | Cash<br> G&A per BOE of $2.51 in Q3 2025, below mid-point of guidance reflecting operational discipline<br> and positive operating leverage |
| --- | --- |
| · | As<br> of September 30, 2025, Kimbell’s major properties^2^<br> had 7.07 net DUCs and net permitted locations on its acreage (4.30 net DUCs and 2.77 net<br> permitted locations) compared to an estimated 6.5 net wells needed to maintain flat production |
| --- | --- |
| · | As<br> of September 30, 2025, Kimbell had 86 rigs actively drilling on its acreage, representing<br> approximately 16% market share of all land rigs drilling in the continental United States<br> as of such time |
| --- | --- |
| · | Announced<br> a Q3 2025 cash distribution of $0.35 per common unit, reflecting a payout ratio of 75% of<br> cash available for distribution; implies a 10.7% annualized yield based on the November 5,<br> 2025 closing price of $13.12 per common unit; Kimbell intends to utilize the remaining<br> 25% of its cash available for distribution to repay a portion of the outstanding borrowings<br> under Kimbell’s secured revolving credit facility |
| --- | --- |
| · | Kimbell<br> affirms its financial and operational guidance ranges for 2025 previously disclosed in its<br> Q4 2024 earnings release |
| --- | --- |
^1^ Based on Kimbell rig count of 86 and Baker Hughes U.S. land rig count of 532 as of September 30, 2025.
^2^ These figures pertain only to Kimbell's major properties and do not include possible additional DUCs and permits from Kimbell's minor properties, which generally have a net revenue interest of 0.1% or below and are time consuming to quantify but, in the estimation of Kimbell's management, could add an additional 15% to Kimbell’s net inventory.
Kimbell Royalty Partners, LP – News Release
Page 2
Robert Ravnaas, Chairman and Chief Executive Officer of Kimbell Royalty GP, LLC, Kimbell’s general partner (the “General Partner”), commented, “Even in the face of a general slowdown among U.S. oil and natural gas operators, Kimbell’s production increased organically by approximately 1% between Q2 and Q3 2025, exceeding the midpoint of guidance and showing once again the resilience of our high quality, diversified and low decline production base. In addition, for the first nine months of 2025, Kimbell’s production averaged 25,574 Boe per day including a full first quarter of production from the Boren acquisition, also exceeding the midpoint of guidance. This operational success against the backdrop of headwinds within the broader energy sector is the result of the seeds that we planted over the last several years with our targeted M&A strategy across the leading basins in the U.S.
“Kimbell’s active rig count remains strong with 86 rigs drilling across our acreage and our market share of U.S. land rigs is at 16%. Furthermore, our line-of-site wells continue to be above the number of wells needed to maintain flat production, giving us confidence in our production as we wrap up 2025. Finally, cash G&A per BOE was below the midpoint of guidance reflecting operational discipline and positive operating leverage.
“We are pleased to declare the Q3 2025 distribution of 35 cents per common unit, reflecting a 10.7% annualized tax advantaged yield based on Kimbell’s closing price on November 5, 2025. We estimate that approximately 100% of this distribution is expected to be considered return of capital and not subject to dividend taxes, further enhancing the after-tax return to our common unitholders.
“As we approach the end of 2025, we are very grateful to our employees, board of directors and advisors for helping us achieve another successful year at Kimbell. We remain extremely excited about our role as a leading consolidator in the oil and natural gas royalty sector and the prospects for Kimbell to generate long-term unitholder value for years to come.”
Third Quarter2025 Distribution and Debt Repayment
Today, the Board of Directors of the General Partner (the “Board of Directors”) approved a cash distribution payment to common unitholders of 75% of cash available for distribution for the third quarter of 2025, or $0.35 per common unit. The distribution will be payable on November 24, 2025 to common unitholders of record at the close of business on November 17, 2025. Kimbell plans to utilize the remaining 25% of cash available for distribution for the third quarter of 2025 to pay down approximately $12.6 million of the outstanding borrowings under its secured revolving credit facility.
Kimbell expects that approximately 100% of its third quarter 2025 distribution should not constitute dividends for U.S. federal income tax purposes, but instead are estimated to constitute non-taxable reductions to the basis of each distribution recipient’s ownership interest in Kimbell common units. The reduced tax basis will increase unitholders’ capital gain (or decrease unitholders’ capital loss) when unitholders sell their common units. The Form 8937 containing additional information may be found at www.kimbellrp.com under “Investor Relations” section of the site. Kimbell currently believes that the portion that constitutes dividends for U.S. federal income tax purposes will be considered qualified dividends, subject to holding period and certain other conditions, which are subject to a tax rate of 0%, 15% or 20% depending on the income level and tax filing status of a unitholder for 2025. Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change.
Kimbell Royalty Partners, LP – News Release
Page 3
Financial Highlights
Kimbell’s third quarter 2025 average realized price per Bbl of oil was $64.21, per Mcf of natural gas was $2.47, per Bbl of NGLs was $21.74 and per Boe combined was $32.14.
During the third quarter of 2025, the Company’s total revenues were $80.6 million, net income was approximately $22.3 million and net income attributable to common units was approximately $17.0 million, or $0.19 per common unit.
Total third quarter 2025 consolidated Adjusted EBITDA was $62.3 million (consolidated Adjusted EBITDA is a non-GAAP financial measure. Please see a reconciliation to thenearest GAAP financial measures at the end of this news release).
In the third quarter of 2025, G&A expense was $10.1 million, $5.9 million of which was Cash G&A expense, or $2.51 per BOE (CashG&A and Cash G&A per Boe are non-GAAP financial measures. Please see definition under Non-GAAP Financial Measures in the SupplementalSchedules included in this news release). Unit-based compensation in the third quarter of 2025, which is a non-cash G&A expense, was $4.2 million or $1.78 per Boe.
As of September 30, 2025, Kimbell had approximately $448.5 million in debt outstanding under its secured revolving credit facility, had net debt to third quarter 2025 trailing twelve month consolidated Adjusted EBITDA of approximately 1.6x and was in compliance with all financial covenants under its secured revolving credit facility. Kimbell had approximately $176.5 million in undrawn capacity under its secured revolving credit facility as of September 30, 2025.
As of September 30, 2025 and as of November 6, 2025, Kimbell had outstanding 93,396,488 common units and 14,491,540 Class B units.
Production
Third quarter 2025 run-rate average daily production was 25,530 Boe per day (6:1), which was composed of approximately 48% from natural gas (6:1) and approximately 52% from liquids (32% from oil and 20% from NGLs).
OperationalUpdate
As of September 30, 2025, Kimbell’s major properties had 806 gross (4.30 net) DUCs and 651 gross (2.77 net) permitted locations on its acreage. In addition, as of September 30, 2025, Kimbell had 86 rigs actively drilling on its acreage, which represents an approximate 16.2% market share of all land rigs drilling in the continental United States as of such time.
Kimbell Royalty Partners, LP – News Release
Page 4
| Basin | Gross DUCs as of September 30, 2025^(1)^ | Gross Permits as of September 30, 2025^(1)^ | Net DUCs as of September 30, 2025^(1)^ | Net Permits as of September 30, 2025^(1)^ |
|---|---|---|---|---|
| Permian | 570 | 431 | 3.22 | 1.93 |
| Eagle Ford | 30 | 21 | 0.15 | 0.08 |
| Haynesville | 50 | 32 | 0.30 | 0.20 |
| Mid-Continent | 95 | 63 | 0.37 | 0.42 |
| Bakken | 49 | 94 | 0.20 | 0.08 |
| Appalachia | 4 | 4 | 0.02 | 0.04 |
| Rockies | 8 | 6 | 0.04 | 0.02 |
| Total | 806 | 651 | 4.30 | 2.77 |
^(1)^ These figures pertain only to Kimbell's major properties and do not include possible additional DUCs and permits from Kimbell's minor properties, which generally have a net revenue interest of 0.1% or below and are time consuming to quantify but, in the estimation of Kimbell's management, could add an additional 15% to Kimbell's net inventory.
Hedging Update
The following provides information concerning Kimbell’s hedge book as of September 30, 2025:
| Fixed<br> Price Swaps as of September 30, 2025 | ||||||
|---|---|---|---|---|---|---|
| Weighted Average | ||||||
| Volumes | Fixed Price | |||||
| Oil | Nat Gas | Oil | Nat Gas | |||
| BBL | MMBTU | /BBL | /MMBTU | |||
| 4Q<br> 2025 | 146,372 | 1,291,680 | ||||
| 1Q<br> 2026 | 146,880 | 1,296,000 | ||||
| 2Q<br> 2026 | 148,512 | 1,310,400 | ||||
| 3Q<br> 2026 | 150,144 | 1,324,800 | ||||
| 4Q<br> 2026 | 150,144 | 1,324,800 | ||||
| 1Q<br> 2027 | 151,470 | 1,321,920 | ||||
| 2Q<br> 2027 | 153,153 | 1,336,608 | ||||
| 3Q<br> 2027 | 154,836 | 1,351,296 |
All values are in US Dollars.
Conference Call
Kimbell Royalty Partners will host a conference call and webcast today at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss third quarter 2025 results. To access the call live by phone, dial 201-389-0869 and ask for the Kimbell Royalty Partners call at least 10 minutes prior to the start time. A telephonic replay will be available through November 13, 2025 by dialing 201-612-7415 and using the conference ID 13752281#. A webcast of the call will also be available live and for later replay on Kimbell’s website at http://kimbellrp.investorroom.com under the Events and Presentations tab.
Kimbell Royalty Partners, LP – News Release
Page 5
Presentation
On November 6, 2025, Kimbell posted an updated investor presentation on its website. The presentation may be found at http://kimbellrp.investorroom.com under the Events and Presentations tab. Information on Kimbell’s website does not constitute a portion of this news release.
About Kimbell Royalty Partners, LP
Kimbell (NYSE: KRP) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas. Kimbell owns mineral and royalty interests in over 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 131,000 gross wells. To learn more, visit http://www.kimbellrp.com.
Forward-Looking Statements
This news releaseincludes forward-looking statements, in particular statements relating to Kimbell’s financial, operating and production resultsand prospects for growth (including financial and operational guidance), drilling inventory, growth potential, identified locations andall other estimates and predictions resulting from Kimbell’s portfolio review, the tax treatment of Kimbell's distributions, changesin Kimbell’s capital structure, future natural gas and other commodity prices and changes to supply and demand for oil, naturalgas and NGLs. These and other forward-looking statements involve risks and uncertainties, including risks that the anticipated benefitsof acquisitions are not realized and uncertainties relating to Kimbell’s business, prospects for growth and acquisitions and thesecurities markets generally, as well as risks inherent in oil and natural gas drilling and production activities, including risks withrespect to potential declines in prices for oil and natural gas that could result in downward revisions to the value of proved reservesor otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which wouldadversely impact cash flow, risks relating to the impairment of oil and natural gas properties, risk related to changes in U.S. tradepolicy and the impact of tariffs, risks relating to the availability of capital to fund drilling operations that can be adversely affectedby adverse drilling results, production declines and declines in oil and natural gas prices, risks relating to Kimbell’s abilityto meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance, risksrelating to Kimbell’s hedging activities, risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpectedformation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce productionor cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completionof drilling operations, risks relating to delays in receipt of drilling permits, risks relating to unexpected adverse developments inthe status of properties, risks relating to borrowing base redeterminations by Kimbell’s lenders, risks relating to the absenceor delay in receipt of government approvals or third-party consents, risks relating to acquisitions, dispositions and drop downs of assets,risks relating to Kimbell's ability to realize the anticipated benefits from and to integrate acquired assets, including the AcquiredProduction, risks relating to tax matters and other risks described in Kimbell's Annual Report on Form 10-K and other filings withthe Securities and Exchange Commission (the “SEC”), available at the SEC's website at www.sec.gov. You are cautioned notto place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Except as requiredby law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstancesoccurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and othercautionary statements in Kimbell's filings with the SEC.
Contact:
Rick Black
Dennard Lascar Investor Relations
krp@dennardlascar.com
(713) 529-6600
– Financial statements follow –
Kimbell Royalty Partners, LP – News Release
Page 6
Kimbell RoyaltyPartners, LP
Condensed ConsolidatedBalance Sheet
(Unaudited, inthousands)
| September 30, | |||
|---|---|---|---|
| 2025 | |||
| Assets: | |||
| Current assets | |||
| Cash and cash equivalents | $ | 40,003 | |
| Oil, natural gas and NGL receivables | 41,253 | ||
| Derivative assets | 4,601 | ||
| Accounts receivable<br> and other current assets | 2,509 | ||
| Total current assets | 88,366 | ||
| Property and equipment, net | 596 | ||
| Oil and natural gas properties | |||
| Oil and natural gas properties (full<br> cost method) | 2,271,470 | ||
| Less: accumulated<br> depreciation, depletion and impairment | (1,116,263 | ) | |
| Total oil and natural gas properties,<br> net | 1,155,207 | ||
| Right-of-use assets, net | 4,695 | ||
| Derivative assets | 563 | ||
| Loan origination costs,<br> net | 4,386 | ||
| Total assets | $ | 1,253,813 | |
| Liabilities, mezzanine equity and<br> unitholders' equity: | |||
| Current liabilities | |||
| Accounts payable | $ | 4,502 | |
| Other current<br> liabilities | 11,900 | ||
| Total current liabilities | 16,402 | ||
| Operating lease liabilities, excluding<br> current portion | 4,493 | ||
| Long-term debt | 448,496 | ||
| Total liabilities | 469,391 | ||
| Commitments and contingencies | |||
| Mezzanine equity: | |||
| Series A preferred units | 158,594 | ||
| Kimbell Royalty Partners, LP unitholders'<br> equity: | |||
| Common units | 541,043 | ||
| Class B units | 724 | ||
| Total Kimbell Royalty Partners, LP unitholders'<br> equity | 541,767 | ||
| Non-controlling interest<br> in OpCo | 84,061 | ||
| Total unitholders'<br> equity | 625,828 | ||
| Total liabilities,<br> mezzanine equity and unitholders' equity | $ | 1,253,813 |
Kimbell Royalty Partners, LP – News Release
Page 7
Kimbell RoyaltyPartners, LP
Condensed ConsolidatedStatements of Operations
(Unaudited, inthousands, except per-unit data and unit counts)
| Three Months Ended | Three Months Ended | |||||
|---|---|---|---|---|---|---|
| September 30,<br> 2025 | September 30,<br> 2024 | |||||
| Revenue | ||||||
| Oil, natural<br> gas and NGL revenues | $ | 76,807 | $ | 71,069 | ||
| Lease bonus and other<br> income | 379 | 3,163 | ||||
| Gain<br> on commodity derivative instruments, net | 3,434 | 9,553 | ||||
| Total revenues | 80,620 | 83,785 | ||||
| Costs and expenses | ||||||
| Production and ad valorem<br> taxes | 5,611 | 4,347 | ||||
| Depreciation and depletion<br> expense | 31,043 | 32,155 | ||||
| Marketing and other<br> deductions | 5,052 | 3,607 | ||||
| General<br> and administrative expense | 10,066 | 9,472 | ||||
| Total<br> costs and expenses | 51,772 | 49,581 | ||||
| Operating income | 28,848 | 34,204 | ||||
| Other expense | ||||||
| Interest expense | (9,782 | ) | (6,492 | ) | ||
| Net income before income taxes | 19,066 | 27,712 | ||||
| Income<br> tax (benefit) expense | (3,257 | ) | 1,907 | |||
| Net income | 22,323 | 25,805 | ||||
| Distribution and accretion<br> on Series A preferred units | (2,656 | ) | (5,296 | ) | ||
| Net income attributable<br> to non-controlling interests | (2,641 | ) | (3,119 | ) | ||
| Distributions<br> to Class B unitholders | (14 | ) | (15 | ) | ||
| Net income<br> attributable to common units of Kimbell Royalty Partners, LP | $ | 17,012 | $ | 17,375 | ||
| Basic | $ | 0.19 | $ | 0.22 | ||
| Diluted | $ | 0.19 | $ | 0.22 | ||
| Weighted average number of common units outstanding | ||||||
| Basic | 91,170,092 | 78,977,450 | ||||
| Diluted | 118,212,963 | 116,414,205 |
Kimbell Royalty Partners, LP – News Release
Page 8
Kimbell RoyaltyPartners, LPSupplemental Schedules
NON-GAAPFINANCIAL MEASURES
Adjusted EBITDA, Cash G&A and Cash G&A per Boe are used as supplemental non-GAAP financial measures by management and external users of Kimbell’s financial statements, such as industry analysts, investors, lenders and rating agencies. Kimbell believes Adjusted EBITDA is useful because it allows us to more effectively evaluate Kimbell’s operating performance and compare the results of Kimbell’s operations period to period without regard to its financing methods or capital structure. In addition, management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to Kimbell’s unitholders. Kimbell defines Adjusted EBITDA as net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties, non-cash unit-based compensation and unrealized gains and losses on derivative instruments. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP. Kimbell excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within Kimbell’s industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Adjusted EBITDA should not be considered an alternative to net income, oil, natural gas and natural gas liquids revenues, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Kimbell’s computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Kimbell expects that cash available for distribution for each quarter will generally equal its Adjusted EBITDA for the quarter, less cash needed for debt service and other contractual obligations, tax obligations, and fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate.
Kimbell believes Cash G&A and Cash G&A per Boe are useful metrics because they isolate cash costs within overall G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. Cash G&A is defined as general and administrative expenses less unit-based compensation expense. Cash G&A per Boe is defined as Cash G&A divided by total production for a period. Cash G&A should not be considered an alternative to G&A expense presented in accordance with GAAP. Kimbell’s computations of Cash G&A and Cash G&A per Boe may not be comparable to other similarly titled measures of other companies.
Kimbell Royalty Partners, LP – News Release
Page 9
KimbellRoyalty Partners, LP
SupplementalSchedules
(Unaudited,in thousands)
| Three Months Ended | Three Months Ended | |||||
|---|---|---|---|---|---|---|
| September 30,<br> 2025 | September 30,<br> 2024 | |||||
| Reconciliation<br> of net cash provided by operating activities to Adjusted EBITDA and cash available for distribution | ||||||
| Net cash provided by operating<br> activities | $ | 62,763 | $ | 62,417 | ||
| Interest expense | 9,782 | 6,492 | ||||
| Income tax (benefit)<br> expense | (3,257 | ) | 1,907 | |||
| Amortization of right-of-use<br> assets | (88 | ) | (87 | ) | ||
| Amortization of loan<br> origination costs | (631 | ) | (532 | ) | ||
| Unit-based compensation | (4,169 | ) | (3,830 | ) | ||
| Gain on derivative instruments,<br> net of settlements | 1,793 | 7,066 | ||||
| Changes in operating<br> assets and liabilities: | ||||||
| Oil, natural<br> gas and NGL receivables | (6,736 | ) | (4,243 | ) | ||
| Accounts<br> receivable and other current assets | 546 | (719 | ) | |||
| Accounts<br> payable | (1,382 | ) | (310 | ) | ||
| Other current<br> liabilities | 1,190 | (1,899 | ) | |||
| Operating<br> lease liabilities | 80 | 97 | ||||
| Consolidated EBITDA | $ | 59,891 | $ | 66,359 | ||
| Add: | ||||||
| Unit-based compensation | 4,169 | 3,830 | ||||
| Gain<br> on derivative instruments, net of settlements | (1,793 | ) | (7,066 | ) | ||
| Consolidated Adjusted EBITDA | $ | 62,267 | $ | 63,123 | ||
| Adjusted EBITDA attributable<br> to non-controlling interest | (8,364 | ) | (9,601 | ) | ||
| Adjusted EBITDA<br> attributable to Kimbell Royalty Partners, LP | $ | 53,903 | $ | 53,522 | ||
| Adjustments to reconcile Adjusted<br> EBITDA to cash available for distribution | ||||||
| Less: | ||||||
| Cash interest expense | 8,292 | 5,123 | ||||
| Cash distribution to<br> Series A preferred unitholders | 2,128 | 4,156 | ||||
| Distribution<br> to Class B unitholders | 14 | 15 | ||||
| Cash available<br> for distribution on common units | $ | 43,469 | $ | 44,228 |
Kimbell Royalty Partners, LP – News Release
Page 10
Kimbell RoyaltyPartners, LP
SupplementalSchedules
(Unaudited, inthousands, except for per-unit data and unit counts)
| Three Months Ended | |||
|---|---|---|---|
| September 30,<br> 2025 | |||
| Net income | $ | 22,323 | |
| Depreciation and depletion<br> expense | 31,043 | ||
| Interest expense | 9,782 | ||
| Income<br> tax benefit | (3,257 | ) | |
| Consolidated<br> EBITDA | $ | 59,891 | |
| Unit-based compensation | 4,169 | ||
| Gain<br> on derivative instruments, net of settlements | (1,793 | ) | |
| Consolidated Adjusted EBITDA | $ | 62,267 | |
| Adjusted EBITDA attributable<br> to non-controlling interest | (8,364 | ) | |
| Adjusted EBITDA<br> attributable to Kimbell Royalty Partners, LP | $ | 53,903 | |
| Adjustments to reconcile Adjusted<br> EBITDA to cash available | |||
| for distribution | |||
| Less: | |||
| Cash interest expense | 8,292 | ||
| Cash distribution to<br> Series A preferred unitholders | 2,128 | ||
| Distribution<br> to Class B unitholders | 14 | ||
| Cash available<br> for distribution on common units | $ | 43,469 | |
| Common units outstanding on September 30,<br> 2025 | 93,396,488 | ||
| Common units outstanding on November 17,<br> 2025 Record Date | 93,396,488 | ||
| Cash available for distribution per<br> common unit outstanding | $ | 0.47 | |
| Third quarter 2025 distribution declared ^(1)^ | $ | 0.35 |
(1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility.
Kimbell Royalty Partners, LP – News Release
Page 11
Kimbell RoyaltyPartners, LP
SupplementalSchedules
(Unaudited, inthousands, except for per-unit data and unit counts)
| Three Months Ended | |||
|---|---|---|---|
| September 30,<br> 2024 | |||
| Net income | $ | 25,805 | |
| Depreciation and depletion<br> expense | 32,155 | ||
| Interest expense | 6,492 | ||
| Income<br> tax expense | 1,907 | ||
| Consolidated<br> EBITDA | $ | 66,359 | |
| Unit-based compensation | 3,830 | ||
| Gain<br> on derivative instruments, net of settlements | (7,066 | ) | |
| Consolidated Adjusted EBITDA | $ | 63,123 | |
| Adjusted EBITDA attributable<br> to non-controlling interest | (9,601 | ) | |
| Adjusted EBITDA<br> attributable to Kimbell Royalty Partners, LP | $ | 53,522 | |
| Adjustments to reconcile Adjusted<br> EBITDA to cash available | |||
| for distribution | |||
| Less: | |||
| Cash interest expense | 5,123 | ||
| Cash distribution to<br> Series A preferred unitholders | 4,156 | ||
| Distribution<br> to Class B unitholders | 15 | ||
| Cash available<br> for distribution on common units | $ | 44,228 | |
| Common units outstanding on September 30,<br> 2024 | 80,969,651 | ||
| Common units outstanding on November 18,<br> 2024 Record Date | 80,969,651 | ||
| Cash available for distribution per<br> common unit outstanding | $ | 0.55 | |
| Third quarter 2024 distribution declared ^(1)^ | $ | 0.41 |
(1) The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility.
Kimbell Royalty Partners, LP – News Release
Page 12
KimbellRoyalty Partners, LP
SupplementalSchedules
(Unaudited,in thousands)
| Three Months Ended | |||
|---|---|---|---|
| September 30,<br> 2025 | |||
| Net income | $ | 22,323 | |
| Depreciation and depletion<br> expense | 31,043 | ||
| Interest expense | 9,782 | ||
| Income<br> tax benefit | (3,257 | ) | |
| Consolidated<br> EBITDA | $ | 59,891 | |
| Unit-based compensation | 4,169 | ||
| Gain<br> on derivative instruments, net of settlements | (1,793 | ) | |
| Consolidated Adjusted<br> EBITDA | $ | 62,267 | |
| Q4<br> 2024 - Q2 2025 Consolidated Adjusted EBITDA ^(1)^ | 208,930 | ||
| Trailing Twelve<br> Month Consolidated Adjusted EBITDA | $ | 271,197 | |
| Long-term debt (as of 9/30/25) | 448,496 | ||
| Cash<br> and cash equivalents (as of 9/30/25) ^(2)^ | (25,000 | ) | |
| Net debt (as of 9/30/25) | $ | 423,496 | |
| Net Debt to Trailing<br> Twelve Month Consolidated Adjusted EBITDA | 1.6 | x |
(1) Consolidated Adjusted EBITDA for each of the quarters ended December 31, 2024, March 31, 2025 and June 30, 2025 was previously reported in a news release relating to the applicable quarter, and the reconciliation of net income to consolidated Adjusted EBITDA for each quarter is included in the applicable news release. This also includes the trailing twelve months pro forma results from the Q1 2025 acquisition that closed in January 2025 in accordance with Kimbell's secured revolving credit facility.
(2) In accordance with Kimbell's secured revolving credit facility, the maximum deduction of cash and cash equivalents to be included in the net debt calculation for compliance purposes is $25 million.