Kimbell Royalty Partners, LP

kimbellrp.com

What Do They Do?

Owns and acquires mineral and royalty interests in oil and natural gas properties operated by oil and gas producers.

How Do They Make Money?

Operators pay Kimbell a royalty share from oil, natural gas and NGL sales after production occurs; the share is based on sales, less gathering and transportation deductions.

revenue

Segment	Share	How money arrives
Oil revenue Usage-based	62% FY2022: 46%	Usage-based
Natural gas revenue Usage-based	25% FY2022: 43%	Usage-based
NGL revenue Usage-based	14% FY2022: 10%	Usage-based

Who Are Their Customers?

Oil and gas operators produce on its acreage and sell the partnership’s share of production to purchasers; Kimbell collects its royalty share through those sales.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 7% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 30 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

40% of revenue

▲ +259% vs FY2024 ($37M, 12%)

Net income, FY2025

30% of revenue

▲ +800% vs FY2024 ($11.1M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +30%; vs $86.5M in Q2 FY2025
Net income: ▲ +77%; vs $26.7M in Q2 FY2025

Oil revenue share of revenue vs 65.4% in Q2 FY2025

Aug 24, 2026 Completed an affiliated-asset acquisition valued at $221.2 million The acquired interests span over 3 million gross acres and over 29,000 gross producing wells.
Jun 23, 2026 Completed a $145.9 million Permian Basin acquisition from Mesa Royalties The acquired assets span 16 Permian counties.

Revenue over time

Oil revenue Natural gas revenue NGL revenue

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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