“Time out.” I yelled it with a hint of disgust. I didn’t even have to make eye contact with my assistant coach—we were on the same page.We’d just watched the second air-ball three-pointer of the second half.“Get in there for Reese.”Reese shrugged and jogged off the court. I grabbed him lovingly by the shoulders. “Hey buddy — do you know why you’re out?”He nodded slowly. “Because…I…shot… a…three…pointer.”“And what did I just say in the huddle?”“…To…not…shoot…three…pointers.”I patted him on the shoulder. Rees ...

Kimbell Royalty Partners Announces Filing of 2025 Annual Report on Form 10-K [Accessibility Statement] Skip NavigationFORT WORTH, Texas, Feb. 26, 2026 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell Royalty Partners" or "Kimbell"), a leading owner of oil and natural gas mineral and royalty interests in over 17 million gross acres in 28 states, today announced the filing of its Annual Report on Form 10-K ("Annual Report") for the fiscal year ended December 31, 2025 with the U.S. Securities ...

Table of Contents 55f 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, 2025 ☐ 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) 777 Taylor Street, Suite 810 Fort ...

Financial Data and Key Metrics Changes - In Q4 2025, oil, natural gas, and NGL revenues totaled $76 million, with run rate production at 25,627 BOE per day, exceeding guidance [9] - The Q4 distribution was declared at $0.37 per common unit, a 6% increase from Q3 2025, with total distributions for the year amounting to $1.60 per common unit [5][10] - Proved developed reserves increased approximately 8% in 2025 to nearly 73 million BOE [6] Business Line Data and Key Metrics Changes - The company reported a total fourth quarter consolidated Adjusted EBITDA of $64.8 billion [9] - General and administrative expenses for Q4 were $10.4 million, with cash G&A expense at $2.63 per BOE, within guidance [9] Market Data and Key Metrics Changes - The active rig count remains strong at 85 rigs drilling across the acreage, representing a 16% market share of U.S. land rigs [6] - The company expects continued development in 2026, supported by the number of rigs actively drilling on its acreage, especially in the Permian Basin [12] Company Strategy and Development Direction - The company aims to be a leading consolidator in the fragmented U.S. oil and natural gas royalty sector, which is estimated to exceed $650 billion [12] - The focus is on diversifying and developing high-quality royalty assets across leading U.S. basins, with significant interest in the Barnett Woodford potential [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of production, with line of sight wells exceeding the number needed to maintain flat production [6] - The company anticipates long-term demand for U.S. energy to continue growing, positioning itself to benefit from this trend [12] Other Important Information - The company amended its credit agreement to reaffirm a borrowing base of $625 million, lowering the cost of bank debt financing by 35 basis points and extending maturity to December 2030 [11] - As of December 31, 2025, the company had approximately $441.5 million in debt outstanding, with a net debt to trailing twelve-month consolidated Adjusted EBITDA ratio of approximately 1.5 times [11] Q&A Session Summary Question: 2026 guidance and production cadence - Management indicated a relatively stable production cadence for 2026, acknowledging the unpredictability of development [17] Question: Competitive landscape for M&A - Management highlighted advantages in targeting meaningful deals in the $100 million-$500 million range across various basins, not just the Permian [18] Question: Maintenance well assumption increase - The increase in maintenance well assumption was attributed to the acquisition of high upside properties, leading to a modest increase in the maintenance level [24] Question: Addressing net debt and mezzanine equity - Management anticipates redeeming some portion of mezzanine equity in the latter half of the year, balancing cash interest expenses [28] Question: Natural gas and NGL realizations - Management provided insights on seasonal differentials for natural gas and NGL realizations, with expectations for improvements as pipeline capacity increases [34][36]

Kimbell Royalty Partners (NYSE:KRP) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBob Ravnaas - Chairman and CEODavis Ravnaas - President and CFOMatt Daly - COORick Black - Investor RelationsConference Call ParticipantsNick Armato - Equity Research AnalystNoah Hungness - Equity Research AnalystTim Rezvan - Managing Director and Equity Research AnalystOperatorGood evening, welcome to the Kimbell Royalty Partners fourth quarter earnings conference call. At this time, all participants ...

Financial Data and Key Metrics Changes - In Q4 2025, oil, natural gas, and NGL revenues totaled $76 million, with run rate production at 25,627 BOE per day, exceeding guidance [9] - The Q4 distribution was declared at $0.37 per common unit, a 6% increase from Q3 2025, with total distributions for the year amounting to $1.60 per common unit [5][10] - Adjusted EBITDA for Q4 was reported at $64.8 billion, with cash G&A expenses at $2.63 per BOE [9][10] - Proved developed reserves increased approximately 8% in 2025 to nearly 73 million BOE [5] Business Line Data and Key Metrics Changes - The company reported strong organic production growth in Q4, with an active rig count of 85, representing a 16% market share of U.S. land rigs [5] - The line of sight wells exceeded the number needed to maintain flat production, indicating resilience in production levels [5] Market Data and Key Metrics Changes - The company maintains a conservative balance sheet with approximately $441.5 million in debt outstanding and a net debt to trailing twelve-month Adjusted EBITDA ratio of about 1.5 times [11] - The company has approximately $183.5 million in undrawn capacity under its secured revolving credit facility as of December 31, 2025 [11] Company Strategy and Development Direction - Kimbell Royalty Partners aims to be a leading consolidator in the fragmented U.S. oil and natural gas royalty sector, which is estimated to exceed $650 billion [12] - The company is focused on diversifying its portfolio of high-quality royalty assets across leading U.S. basins, with a particular emphasis on the Permian Basin [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing development and stability of production, with guidance for 2026 production remaining unchanged at 25,500 BOE per day [12] - The company anticipates significant growth opportunities from the development of the Woodford Barnett area, which is expected to drive production growth without additional costs [39][42] Other Important Information - The company redeemed 50% of the Series A Cumulative Convertible Preferred Units in 2025, simplifying its capital structure and lowering the cost of capital [4] - The company has seen a favorable dynamic in the MidCon area, with recent consolidation and improvements in gas and NGL prices [20] Q&A Session Summary Question: Regarding 2026 guidance and expected production cadence - Management indicated a relatively stable production cadence for 2026, acknowledging the unpredictability of development [18] Question: Competitive landscape for M&A post-industry consolidation - Management highlighted their ability to target meaningful deals in the $100 million-$500 million range across various basins, positioning them competitively [19] Question: Increase in net line-of-sight maintenance well assumption - Management explained that the increase was due to the acquisition of high upside properties, leading to a modest increase in maintenance levels [26] Question: Addressing net debt and mezzanine equity - Management anticipates redeeming some mezzanine equity in the latter half of the year while balancing cash interest expenses [30] Question: Natural gas and NGL realizations - Management provided insights on seasonal differentials, noting that natural gas realizations increased from 18% to 24% in Q4 [35] Question: Impact of Waha price inflection in 2027 - Management expects significant improvements in differentials and production growth from the continued development of the Woodford Barnett area [39]

Spring 2026 Investor Presentation Disclaimer This presentation includes forward-looking statements relating to the business, financial performance, results, production and other guidance and prospects for growth, 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, futur ...

Production and Revenue - Q4 2025 run-rate daily production reached 25,627 Boe/d, exceeding the mid-point of guidance[1] - Q4 2025 total revenues amounted to $82.5 million, with net income of $24.8 million and net income attributable to common units of $19.2 million[11] - For Q4 2025, total revenues increased to $82.453 million, up from $66.715 million in Q4 2024, marking a year-over-year growth of approximately 23%[33] - For the full year 2025, total revenues reached $333.830 million, an increase from $309.307 million in 2024, representing a growth of about 8%[35] - The average realized price per barrel of oil in Q4 2025 was $58.24, with total revenues from oil, natural gas, and NGLs at $76.0 million[11] Financial Performance - The company reported a net income of $24,804 million for Q4 2025, compared to a net loss of $39,259 million in Q4 2024[33] - Kimbell's net income for the year ended December 31, 2025, was $99.651 million, significantly higher than the $11.070 million reported in 2024[35] - The company’s basic earnings per common unit for 2025 was $0.62, compared to a loss of $0.12 per unit in 2024[35] - Consolidated Adjusted EBITDA for Q4 2025 was $64,825,000, compared to $59,776,000 in Q4 2024, reflecting an increase of 8.5%[42] - Adjusted EBITDA attributable to Kimbell Royalty Partners, LP for Q4 2025 was $56,117,000, up from $50,684,000 in Q4 2024, marking an increase of 10.0%[42] Cash Distribution and Debt Management - Q4 2025 cash distribution was announced at $0.37 per common unit, up 6% from Q3 2025, reflecting a payout ratio of 75% of cash available for distribution[9] - Kimbell plans to maintain a payout ratio of 75% of projected cash available for distribution, using the remaining 25% to reduce outstanding borrowings[24] - Kimbell paid down approximately $57.4 million on its credit facility during 2025, allocating 25% of cash available for distribution for debt repayment[5] - As of December 31, 2025, Kimbell had approximately $441.5 million in debt outstanding, with a net debt to trailing twelve-month consolidated Adjusted EBITDA ratio of approximately 1.5x[15] - Long-term debt as of December 31, 2025, was $441,500,000, with net debt at $397,523,000, resulting in a net debt to trailing twelve-month consolidated adjusted EBITDA ratio of 1.5x[46] Operational Insights - Proved developed reserves increased by approximately 8% year-over-year to nearly 73 million Boe, reflecting ongoing development and acquisitions[21] - Kimbell's major properties had 85 active rigs drilling, representing a 16.1% market share of U.S. land rigs as of December 31, 2025[18] - The company initiated 2026 operational guidance with estimated daily production projected at a mid-point of 25,500 Boe/d, unchanged from 2025[8] - Kimbell Royalty Partners projects net production for 2026 to be between 24.0 Mboe/d and 27.0 Mboe/d, with oil production expected to account for 30% to 34% of net production[24] - The company anticipates natural gas production to represent 46% to 50% of net production, while natural gas liquids production is expected to be 18% to 22%[24] Cost Management - Unit costs for marketing and other deductions are projected to range from $1.40 to $2.20 per boe, with depreciation and depletion expenses expected between $13.00 and $20.00 per boe[24] - Net cash provided by operating activities for Q4 2025 was $57,226,000, an increase from $56,571,000 in Q4 2024, representing a growth of 1.2%[40] - Cash available for distribution on common units in Q4 2025 was $46,836,000, compared to $41,502,000 in Q4 2024, indicating a rise of 12.0%[42] - The cash available for distribution per common unit outstanding in Q4 2025 was $0.50, an increase from $0.44 in Q4 2024[42] - The fourth quarter 2025 distribution declared was $0.37 per common unit, compared to $0.40 in Q4 2024[42] Asset Performance - The impairment of oil and natural gas properties was zero in Q4 2025, compared to $56,155,000 in Q4 2024, indicating improved asset performance[40] - Kimbell Royalty Partners owns mineral and royalty interests in over 17 million gross acres across 28 states, including more than 133,000 gross wells[27] - The total common units outstanding increased from 80,969,651 on December 31, 2024, to 93,396,488 on December 31, 2025[42]

Consolidated Adjusted EBITDA (1)203,233Trailing Twelve Month Consolidated Adjusted EBITDA$268,058Long-term debt (as of 12/31/25)441,500Cash and cash equivalents (as of 12/31/25) (43,977)Net debt (as of 12/31/25)$397,523Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA1.5x(1) Consolidated Adjusted EBITDA for each of the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025 was previously reported in a news release relating to the applicable quarter, and the reconciliation of net in ...

Core Insights - Legacy Ridge Capital Management reported a 7% net return for the Partnership in 2025, after accounting for a 1% performance fee, despite facing market volatility that impacted performance [1] - The Partnership's concentrated portfolio consists of 10 names, with a dividend yield of approximately 6% [1] - A shift in the calendar end date could have improved returns by over 4%, indicating the unpredictable nature of concentrated value investing [1] Company Focus: Kimbell Royalty Partners, LP - Kimbell Royalty Partners, LP (NYSE:KRP) is a US-based company that owns and acquires mineral and royalty interests in oil and natural gas properties, with a market capitalization of $1.46 billion [2] - As of February 3, 2026, KRP's stock closed at $13.53 per share, with a one-month return of 17.65% but a decline of 12.48% over the past twelve months [2] - KRP owns approximately 158,000 net royalty acres and has interests in over 131,000 wells, producing 25,530 barrels of oil equivalent (BOE) per day, with reserves of 68 million BOE [3] - The company has a production decline rate of approximately 14% and is expected to pay a dividend of $1.43 per share next year, translating to a yield of 10.8% [3]