Form 8-K

8-K — Kimbell Royalty Partners, LP

Accession: 0001104659-26-056652

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001657788

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2613602d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2613602d1_ex99-1.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: tm2613602d1_8k.htm · Sequence: 1

false

0001657788

2026-05-07

iso4217:USD

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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):

May 7, 2026

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

Fort Worth, Texas

76102

(Address

of principal executive offices)

(Zip

Code)

Registrant’s telephone number, including

area 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

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           ¨

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 May 7, 2026, Kimbell

Royalty Partners, LP (the “Partnership”) issued a news release announcing its first quarter 2026 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 May 7, 2026,

the Partnership posted an updated investor presentation on its website. The presentation, titled “Summer 2026 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 May 7, 2026.

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 PARTNERS, LP

By:

Kimbell Royalty GP, LLC,

its general partner

By:

/s/ Matthew S. Daly

Matthew S. Daly

Chief Operating Officer

Date: May 7, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2613602d1_ex99-1.htm · Sequence: 2

Exhibit

99.1

NEWS

RELEASE

Kimbell

Royalty Partners Announces First Quarter 2026 Results

Kimbell

Royalty Partners, LP – News Release

2026 Run-Rate Daily Production of 25,522 Boe/d (6:1)

Activity

on Acreage Remains Robust with 85 Active Rigs Drilling Representing 16%1

Market Share of U.S. Land Rig Count

Announces

Q1 2026 Cash Distribution of $0.41 per Common Unit

FORT

WORTH, Texas, May 7, 2026 – Kimbell Royalty Partners, LP (NYSE: KRP) (“Kimbell” or the “Partnership”),

a leading owner of oil and natural gas mineral and royalty interests in over 133,000 gross wells across 28 states, today announced financial

and operating results for the quarter ended March 31, 2026.

First

Quarter 2026 Highlights

· Q1

2026 run-rate daily production of 25,522 barrels of oil equivalent (“Boe”) per

day (6:1)

· Q1

2026 oil, natural gas and NGL revenues of $82.9 million

· Q1

2026 net income of approximately $6.9 million and net income attributable to common units

of approximately $4.0 million

· Q1

2026 consolidated Adjusted EBITDA of $68.0 million

· Cash

G&A per BOE of $2.31 in Q1 2026, below low-end of guidance reflecting operational discipline

and positive operating leverage

· As

of March 31, 2026, Kimbell’s major properties2 had 6.85 net DUCs

and net permitted locations on its acreage compared to an estimated 6.80 net wells needed

to maintain flat production

· As

of March 31, 2026, Kimbell had 85 rigs actively drilling on its acreage, representing

approximately 16% market share of all land rigs drilling in the continental United States

as of such time

· Announced

a Q1 2026 cash distribution of $0.41 per common unit, reflecting a payout ratio of 75% of

cash available for distribution; implies a 11.2% annualized yield based on the May 6,

2026 closing price of $14.59 per common unit; Kimbell intends to utilize the remaining

25% of its cash available for distribution to repay a portion of the outstanding borrowings

under Kimbell’s secured revolving credit facility

· During

Q1 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase

price of approximately $7.3 million (average price of $14.60 per unit)

· Kimbell

affirms its financial and operational guidance ranges for 2026 previously disclosed in its

Q4 2025 earnings release

Based on Kimbell rig count of 85 and Baker Hughes U.S. land rig count of 530 as of March 31, 2026.

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, “We are pleased to report another strong quarter with robust drilling activity across our acreage. Kimbell’s production

exceeded the midpoint of guidance, showing once again the resilience of our high quality, diversified and low decline production base.

Kimbell’s active rig count remains robust with 85 rigs drilling across our acreage, led by the Permian Basin, and our market share

of U.S. land rigs remained at 16%. Cash G&A per BOE was below the low-end of guidance reflecting operational discipline and positive

operating leverage.

“We

are pleased to declare the Q1 2026 distribution of 41 cents per common unit, reflecting a 11.2% annualized tax advantaged yield based

on Kimbell’s closing price on May 6, 2026. We estimate that approximately 72% 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.

“We

believe higher oil prices will likely result in a modest increase in activity across oil-weighted basins as we progress through 2026

as many operators will likely move up the completion of DUCs to take advantage of higher prices and gradually add additional rigs. We

remain extremely excited about the U.S. oil and natural gas royalty industry, our role as a leading consolidator and the prospects for

Kimbell to generate long-term unitholder value for years to come.”

First

Quarter 2026 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 first quarter of 2026, or $0.41 per common unit. The distribution will be payable on

May 27, 2026 to common unitholders of record at the close of business on May 19, 2026. Kimbell plans to utilize the remaining

25% of cash available for distribution for the first quarter of 2026 to pay down approximately $14.5 million of the outstanding borrowings

under its secured revolving credit facility.

Kimbell

expects that approximately 72% of its first quarter 2026 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 2026. Kimbell believes

these estimates are reasonable based on currently available information, but they are subject to change.

Financial

Highlights

Kimbell’s

first quarter 2026 average realized price per Bbl of oil was $70.61, per Mcf of natural gas was $3.32, per Bbl of NGLs was $24.43 and

per Boe combined was $37.02.

Kimbell

Royalty Partners, LP – News Release

Page 3

During

the first quarter of 2026, the Partnership’s total revenues were $65.5 million, net income was approximately $6.9 million and net

income attributable to common units was approximately $4.0 million, or $0.04 per common unit.

Total

first quarter 2026 consolidated Adjusted EBITDA was $68.0 million (consolidated Adjusted EBITDA is a non-GAAP financial measure.

Please see a reconciliation to the nearest GAAP financial measures at the end of this news release).

the first quarter of 2026, G&A expense was $9.4 million, $5.3 million of which was Cash G&A expense, or $2.31 per BOE (Cash

G&A and Cash G&A per Boe are non-GAAP financial measures. Please see definition under Non-GAAP Financial Measures in the Supplemental

Schedules included in this news release). Unit-based compensation in the first quarter of 2026, which is a non-cash G&A expense,

was $4.1 million or $1.78 per Boe.

During

the first quarter of 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase price of approximately

$7.3 million (average price of $14.60 per unit). As of March 31, 2026, Kimbell is authorized to repurchase an additional approximately

$92.7 million of its common units under its repurchase program. The repurchase was funded by a draw on the Partnership’s secured

revolving credit facility.

of March 31, 2026, Kimbell had approximately $440.9 million in debt outstanding under its secured revolving credit facility, had

net debt to first quarter 2026 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 $184.1 million in undrawn capacity under its

secured revolving credit facility as of March 31, 2026.

of March 31, 2026, Kimbell had outstanding 99,152,268 common units and 9,122,322 Class B units. As of May 7, 2026, Kimbell

had outstanding 98,652,268 common units and 9,122,322 Class B units.

Production

First

quarter 2026 run-rate average daily production was 25,522 Boe per day (6:1), which was composed of approximately 47% from natural gas

(6:1) and approximately 53% from liquids (32% from oil and 21% from NGLs).

Operational

Update

of March 31, 2026, Kimbell’s major properties had 897 gross (4.39 net) DUCs and 558 gross (2.46 net) permitted locations on

its acreage. In addition, as of March 31, 2026, Kimbell had 85 rigs actively drilling on its acreage, which represents an approximate

16.0% 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

March 31, 2026(1)

Gross Permits as of

March 31, 2026(1)

Net DUCs as of

March 31, 2026(1)

Net Permits as of

March 31, 2026(1)

Permian

587

379

3.08

1.60

Eagle Ford

0.24

0.07

Haynesville

0.38

0.23

Mid-Continent

100

0.43

0.44

Bakken

0.19

0.07

Appalachia

0.03

Rockies

0.04

0.02

Total

897

558

4.39

2.46

(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 March 31, 2026:

Fixed Price Swaps as of March 31, 2026

Weighted Average

Volumes

Fixed Price

Oil

Nat Gas

Oil

Nat Gas

BBL

MMBTU

$/BBL

$/MMBTU

2Q 2026

148,512

1,310,400

$ 70.78

$ 3.33

3Q 2026

150,144

1,324,800

$ 66.60

$ 3.42

4Q 2026

150,144

1,324,800

$ 63.33

$ 3.94

1Q 2027

151,470

1,321,920

$ 63.75

$ 4.46

2Q 2027

153,153

1,336,608

$ 61.57

$ 3.47

3Q 2027

154,836

1,351,296

$ 61.90

$ 3.76

4Q 2027

154,836

1,351,296

$ 58.06

$ 4.02

1Q 2028

148,512

1,336,608

$ 70.35

$ 4.35

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

first quarter 2026 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 May 14, 2026 by dialing 201-612-7415 and using

the conference ID 13759315#. 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

May 7, 2026, 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 133,000 gross wells. To learn more, visit http://www.kimbellrp.com.

Forward-Looking

Statements

This

news release includes forward-looking statements, in particular statements relating to Kimbell’s financial, operating and production

results and prospects for growth (including financial and operational guidance), drilling inventory, growth potential, identified locations

and all other estimates and predictions resulting from Kimbell’s portfolio review, the tax treatment of Kimbell's distributions,

changes in Kimbell’s capital structure, future natural gas and other commodity prices and changes to supply and demand for oil,

natural gas and NGLs. These and other forward-looking statements involve risks and uncertainties, including risks that the anticipated

benefits of acquisitions are not realized and uncertainties relating to Kimbell’s business, prospects for growth and acquisitions

and the securities markets generally, as well as risks inherent in oil and natural gas drilling and production activities, including

risks with respect to potential declines in prices for oil and natural gas that could result in downward revisions to the value of proved

reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which

would adversely impact cash flow, risks relating to the impairment of oil and natural gas properties, risk related to changes in U.S.

trade policy and the impact of tariffs, risks relating to the availability of capital to fund drilling operations that can be adversely

affected by adverse drilling results, production declines and declines in oil and natural gas prices, risks relating to Kimbell’s

ability to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance,

risks relating to Kimbell’s hedging activities, risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected

formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production

or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion

of drilling operations, risks relating to delays in receipt of drilling permits, risks relating to unexpected adverse developments in

the status of properties, risks relating to borrowing base redeterminations by Kimbell’s lenders, risks relating to the absence

or 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 Acquired

Production, risks relating to tax matters and other risks described in Kimbell's Annual Report on Form 10-K and other filings with

the Securities and Exchange Commission (the “SEC”), available at the SEC's website at www.sec.gov. You are cautioned not

to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Except as required

by law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances

occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other

cautionary 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

Royalty Partners, LP

Condensed

Consolidated Balance Sheet

(Unaudited,

in thousands)

March 31,

2026

Assets:

Current assets

Cash and cash equivalents

$ 37,161

Oil, natural gas and NGL receivables

45,528

Accounts receivable and other current assets

1,992

Total current assets

84,681

Property and equipment, net

606

Oil and natural gas properties

Oil and natural gas properties (full cost method)

2,271,470

Less: accumulated depreciation, depletion and impairment

(1,177,421 )

Total oil and natural gas properties, net

1,094,049

Right-of-use assets, net

4,516

Derivative assets

395

Loan origination costs, net

9,493

Total assets

$ 1,193,740

Liabilities, mezzanine equity and unitholders' equity:

Current liabilities

Accounts payable

$ 2,872

Other current liabilities

6,617

Derivative liabilities

7,060

Total current liabilities

16,549

Operating lease liabilities, excluding current portion

4,326

Derivative liabilities

3,091

Long-term debt

440,900

Total liabilities

464,866

Commitments and contingencies

Mezzanine equity:

Series A preferred units

158,987

Kimbell Royalty Partners, LP unitholders' equity:

Common units

521,417

Class B units

456

Total Kimbell Royalty Partners, LP unitholders' equity

521,873

Non-controlling interest in OpCo

48,014

Total unitholders' equity

569,887

Total liabilities, mezzanine equity and unitholders' equity

$ 1,193,740

Kimbell

Royalty Partners, LP – News Release

Page 7

Kimbell

Royalty Partners, LP

Condensed

Consolidated Statements of Operations

(Unaudited,

in thousands, except per-unit data and unit counts)

Three Months Ended

March 31, 2026

March 31, 2025

Revenue

Oil, natural gas and NGL revenues

$ 82,885

$ 89,951

Lease bonus and other income

1,337

311

Loss on commodity derivative instruments, net

(18,678 )

(6,053 )

Total revenues

65,544

84,209

Costs and expenses

Production and ad valorem taxes

5,889

5,375

Depreciation and depletion expense

29,299

31,118

Marketing and other deductions

5,168

4,502

General and administrative expense

9,389

9,637

Total costs and expenses

49,745

50,632

Operating income

15,799

33,577

Other expense

Interest expense

(8,154 )

(6,622 )

Other expense

—

(12 )

Net income before income taxes

7,645

26,943

Income tax expense

703

1,090

Net income

6,942

25,853

Distribution and accretion on Series A preferred units

(2,599 )

(5,203 )

Net income attributable to non-controlling interests

(366 )

(2,774 )

Distributions to Class B unitholders

(9 )

(14 )

Net income attributable to common units of Kimbell Royalty Partners, LP

$ 3,968

$ 17,862

Basic

$ 0.04

$ 0.20

Diluted

$ 0.04

$ 0.20

Weighted average number of common units outstanding

Basic

93,126,103

89,682,038

Diluted

119,084,909

127,947,257

Kimbell

Royalty Partners, LP – News Release

Page 8

Kimbell

Royalty Partners, LP

Supplemental Schedules

NON-GAAP

FINANCIAL 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

Kimbell Royalty Partners, LP

Supplemental Schedules

(Unaudited, in thousands)

Three Months Ended

March 31, 2026

March 31, 2025

Reconciliation of net cash provided

by operating activities to Adjusted EBITDA and cash available for distribution

Net cash provided by operating activities

$ 49,430

$ 54,153

Interest expense

8,154

6,622

Income tax expense

703

1,090

Amortization of right-of-use assets

(90 )

(85 )

Amortization of loan origination costs

(499 )

(534 )

Unit-based compensation

(4,081 )

(3,861 )

Forfeiture of restricted units

—

Loss on derivative instruments, net of settlements

(18,819 )

(6,989 )

Changes in operating assets and liabilities:

Oil, natural gas and NGL receivables

8,946

15,074

Accounts receivable and other current assets

572

(17 )

Accounts payable

219

938

Other current liabilities

479

(1,826 )

Operating lease liabilities

Consolidated EBITDA

$ 45,098

$ 64,683

Add:

Unit-based compensation

4,081

3,861

Loss on derivative instruments, net of settlements

18,819

6,989

Consolidated Adjusted EBITDA

$ 67,998

$ 75,533

Adjusted EBITDA attributable to non-controlling interest

(5,729 )

(10,146 )

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$ 62,269

$ 65,387

Adjustments to reconcile Adjusted EBITDA to cash

available for distribution

Less:

Cash interest expense

7,035

4,051

Cash distribution to Series A preferred unitholders

2,201

4,163

Distribution to Class B unitholders

Cash available for distribution on common units

$ 53,024

$ 57,159

Kimbell

Royalty Partners, LP – News Release

Page 10

Kimbell

Royalty Partners, LP

Supplemental

Schedules

(Unaudited,

in thousands, except for per-unit data and unit counts)

Three Months Ended

March 31, 2026

Net income

$ 6,942

Depreciation and depletion expense

29,299

Interest expense

8,154

Income tax expense

703

Consolidated EBITDA

$ 45,098

Unit-based compensation

4,081

Loss on derivative instruments, net of settlements

18,819

Consolidated Adjusted EBITDA

$ 67,998

Adjusted EBITDA attributable to non-controlling interest

(5,729 )

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$ 62,269

Adjustments to reconcile Adjusted EBITDA to cash

available for distribution

Less:

Cash interest expense

7,035

Cash distribution to Series A preferred unitholders

2,201

Distribution to Class B unitholders

Cash available for distribution on common units

$ 53,024

Common units outstanding on March 31, 2026

99,152,268

Common units outstanding on May 19, 2026 Record Date

98,652,268

Cash available for distribution per common unit outstanding

$ 0.54

First quarter 2026 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 11

Kimbell

Royalty Partners, LP

Supplemental

Schedules

(Unaudited,

in thousands, except for per-unit data and unit counts)

Three Months Ended

March 31, 2025

Net income

$ 25,853

Depreciation and depletion expense

31,118

Interest expense

6,622

Income tax expense

1,090

Consolidated EBITDA

$ 64,683

Unit-based compensation

3,861

Loss on derivative instruments, net of settlements

6,989

Consolidated Adjusted EBITDA

$ 75,533

Adjusted EBITDA attributable to non-controlling interest

(10,146 )

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$ 65,387

Adjustments to reconcile Adjusted EBITDA to cash

available for distribution

Less:

Cash interest expense

4,051

Cash distribution to Series A preferred unitholders

4,163

Distribution to Class B unitholders

Cash available for distribution on common units

$ 57,159

Common units outstanding on March 31, 2025

93,396,488

Common units outstanding on May 20, 2025 Record Date

93,396,488

Cash available for distribution per common unit outstanding

$ 0.61

First quarter 2025 distribution declared (1)

$ 0.47

(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. Additionally,

Kimbell utilized approximately $1.6 million of cash flows expected to be received from the Q1 2025 Acquired Production from January 1,

2025 to January 16, 2025, to pay outstanding borrowings under its credit facility and to distribute the additional cash flows to

common unitholders. Revenues, production and other financial and operating results from the Q1 2025 acquisition will be reflected

in Kimbell's condensed consolidated financial statements from January 17, 2025 onward.

Kimbell

Royalty Partners, LP – News Release

Page 12

Kimbell Royalty Partners, LP

Supplemental Schedules

(Unaudited, in thousands)

Three Months Ended

March 31, 2026

Net income

$ 6,942

Depreciation and depletion expense

29,299

Interest expense

8,154

Income tax expense

703

Consolidated EBITDA

$ 45,098

Unit-based compensation

4,081

Loss on derivative instruments, net of settlements

18,819

Consolidated Adjusted EBITDA

$ 67,998

Q2 2025 - Q4 2025 Consolidated Adjusted EBITDA (1)

190,934

Trailing Twelve Month Consolidated Adjusted EBITDA

$ 258,932

Long-term debt (as of 3/31/26)

440,900

Cash and cash equivalents (as of 3/31/26)

(37,161 )

Net debt (as of 3/31/26)

$ 403,739

Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA

1.6 x

(1) Consolidated Adjusted EBITDA for each of the quarters ended June 30, 2025, September 30, 2025 and December 31, 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.

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