Form 8-K

8-K — Kimbell Royalty Partners, LP

Accession: 0001104659-26-092355

Filed: 2026-08-07

Period: 2026-08-07

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 — tm2622481d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2622481d1_ex99-1.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: tm2622481d1_8k.htm · Sequence: 1

false

0001657788

2026-08-07

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):

August 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 August 7, 2026, Kimbell

Royalty Partners, LP (the “Partnership”) issued a news release announcing its second 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 August 7, 2026, the Partnership posted an updated investor presentation on its website. The presentation, titled “Fall 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 August 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: August 7, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2622481d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

NEWS

RELEASE

Kimbell Royalty

Partners Announces Record Second Quarter 2026 Results

Record Oil, Natural

Gas and NGL Revenues, Record Lease Bonus and Other Income, Record Net Income, Record Consolidated Adjusted EBITDA and Record Cash Available

for Distribution

Record Q2 2026

Daily Production of 25,830 Boe/d (6:1)

Borrowing

Base and Aggregate Commitments on Kimbell's Secured Revolving Credit Facility Increased from $625 million to $660 million

Activity

on Acreage Remains Robust with 91 Active Rigs Drilling Representing 16%1 Market

Share of U.S. Land Rig Count

Announces Q2

2026 Cash Distribution of $0.47 per Common Unit, an Increase of 15% from Q1 2026

FORT

WORTH, Texas, August 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 approximately 135,000 gross

wells across 28 states, today announced financial and operating results for the quarter ended June 30, 2026.

Second

Quarter 2026 Highlights

· Record

Q2 2026 daily production of 25,830 barrels of oil equivalent (“Boe”) per day

(6:1)

· Includes

9 days of production from the Company’s $145.9 million acquisition of Mesa Royalties

(the “Acquired Production”), which closed on June 22, 2026 with an effective

date of June 1, 2026

· Following

the closing of the Acquired Production on June 22, 2026, run-rate production was 26,967

Boe per day (6:1)

· Record

Q2 2026 oil, natural gas and NGL revenues of $103.0 million

· Q2

2026 net income of approximately $47.3 million and net income attributable to common units

of approximately $38.4 million

· Record

Q2 2026 consolidated Adjusted EBITDA of $84.9 million

· On

June 24, 2026, the borrowing base and aggregate commitments on Kimbell's secured revolving

credit facility were increased from $625 million to $660 million

· As

of June 30, 2026, Kimbell’s major properties2

had 7.39 net DUCs and net permitted locations on its acreage compared to an estimated 7.20

net wells needed to maintain flat production

· As

of June 30, 2026, Kimbell had 91 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

1 Based on Kimbell

rig count of 91 and Baker Hughes U.S. land rig count of 561 as of June 30, 2026.

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

· Announced

a Q2 2026 cash distribution of $0.47 per common unit, reflecting a payout ratio of 75% of

cash available for distribution; implies a 13.0% annualized yield based on the August 6,

2026 closing price of $14.51 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

Q2 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase

price of approximately $7.4 million (average price of $14.70 per unit)

· Kimbell

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

Q4 2025 earnings release and expects to update guidance upon the closing of the Drop Down

acquisition previously announced on July 17, 2026

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 an outstanding quarter for Kimbell, which includes records for oil, natural gas and NGL revenues,

net income, consolidated adjusted EBITDA, lease bonuses, average daily production and cash available for distribution. Other milestones

during the quarter include increasing the Company’s borrowing base and elected commitments on the credit facility from $625 million

to $660 million and repurchasing and cancelling 500,000 units under our unit repurchase program. Even excluding any uplift from the Acquired

Production in the Mesa Royalties acquisition, our production grew organically in Q2 2026, resulting in oil, natural gas and NGL revenues

exceeding $100 million for the first time, while cash G&A per BOE remained below the mid-point of guidance, generating positive operating

leverage and distribution growth. Kimbell’s active rig count remains robust with 91 rigs drilling across our acreage, led by the

Permian Basin, and our market share of U.S. land rigs remained at 16%.

“We are pleased

to declare the Q2 2026 distribution of 47 cents per common unit, an increase of 15% from Q1 2026 and reflecting a 13.0% annualized tax

advantaged yield based on Kimbell’s closing price on August 6, 2026. We estimate that approximately 47% 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.

“With the

recently announced Drop Down acquisition that we expect to close later this month and the recently closed acquisition of Mesa Royalties,

we have now announced over $360 million in acquisitions over the last 90 days, once again demonstrating our role as a leading consolidator

in the U.S. oil and natural gas royalty industry. We look forward to continuing this operational momentum and generating unitholder value

for years to come.”

Second 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 second quarter of 2026, or $0.47 per common unit. The distribution will be payable

on August 24, 2026 to common unitholders of record at the close of business on August 17, 2026. Kimbell plans to utilize the

remaining 25% of cash available for distribution for the second quarter of 2026 to pay down approximately $17.9 million of the outstanding

borrowings under its secured revolving credit facility.

Kimbell Royalty Partners, LP – News Release

Page 3

Kimbell

expects that approximately 47% of its second 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

second quarter 2026 average realized price per Bbl of oil was $94.67, per Mcf of natural gas was $2.01, per Bbl of NGLs was $29.12 and

per Boe combined was $42.87.

During the second

quarter of 2026, the Partnership’s total revenues were $112.5 million, net income was approximately $47.3 million and net income

attributable to common units was approximately $38.4 million, or $0.40 per common unit.

Total second quarter

2026 consolidated Adjusted EBITDA was $84.9 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 second quarter of 2026, G&A expense was $10.2 million, $5.9 million of which was Cash G&A expense, or $2.50 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 second quarter of 2026, which is a non-cash G&A expense,

was $4.3 million or $1.85 per Boe.

During the second

quarter of 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase price of approximately $7.4

million (average price of $14.70 per unit). As of June 30, 2026, Kimbell is authorized to repurchase an additional approximately

$85.4 million of its common units under its repurchase program. The repurchase was funded by a draw on the Partnership’s secured

revolving credit facility.

As of June 30,

2026, Kimbell had approximately $478.7 million in debt outstanding under its secured revolving credit facility, had net debt to second

quarter 2026 trailing twelve month consolidated Adjusted EBITDA of approximately 1.4x and was in compliance with all financial covenants

under its secured revolving credit facility. Kimbell had approximately $181.3 million in undrawn capacity under its secured revolving

credit facility as of June 30, 2026.

Kimbell Royalty Partners, LP – News Release

Page 4

As of June 30,

2026, Kimbell had outstanding 98,652,268 common units and 16,051,322 Class B units. As of August 7, 2026, Kimbell had outstanding

100,895,984 common units and 13,807,606 Class B units.

Production

Second

quarter 2026 average daily production was 25,830 Boe per day (6:1), which was composed of approximately

47% from natural gas (6:1) and approximately 53% from liquids (33% from oil and 20% from NGLs).

Operational

Update

As of June 30,

2026, Kimbell’s major properties had 1,016 gross (3.98 net) DUCs and 776 gross (3.41 net) permitted locations on its acreage. In

addition, as of June 30, 2026, Kimbell had 91 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.

Basin

Gross DUCs as of

June 30, 2026(1)

Gross Permits as of

June 30, 2026(1)

Net DUCs as of

June 30, 2026(1)

Net Permits as of

June 30, 2026(1)

Permian

716

567

2.60

2.43

Eagle Ford

0.33

0.16

Haynesville

0.40

0.18

Mid-Continent

108

0.52

0.41

Bakken

0.09

0.18

Appalachia

0.04

0.00

Rockies

0.00

0.05

Total

1,016

776

3.98

3.41

(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.

Kimbell Royalty Partners, LP – News Release

Page 5

Hedging Update

The following provides

information concerning Kimbell’s hedge book as of June 30, 2026:

Fixed Price Swaps as of June 30, 2026

Weighted Average

Volumes

Fixed Price

Oil

Nat Gas

Oil

Nat Gas

BBL

MMBTU

$/BBL

$/MMBTU

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

2Q 2028

159,159

1,360,086

$ 65.30

$ 3.15

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

second 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 August 14, 2026 by dialing 201-612-7415 and using

the conference ID 13761039#. 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.

Presentation

On August 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

approximately 135,000 gross wells. To learn more, visit http://www.kimbellrp.com.

Kimbell Royalty Partners, LP – News Release

Page 6

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 7

Kimbell Royalty

Partners, LP

Condensed Consolidated Balance

Sheet

(Unaudited, in thousands)

June 30,

2026

Assets:

Current assets

Cash and cash equivalents

$ 44,931

Oil, natural gas and NGL receivables

53,685

Derivative assets

292

Accounts receivable and other current assets

1,886

Total current assets

100,794

Property and equipment, net

655

Oil and natural gas properties

Oil and natural gas properties (full cost method)

2,417,589

Less: accumulated depreciation, depletion and impairment

(1,207,591 )

Total oil and natural gas properties, net

1,209,998

Right-of-use assets, net

4,424

Derivative assets

984

Loan origination costs, net

9,362

Total assets

$ 1,326,217

Liabilities, mezzanine equity and unitholders' equity:

Current liabilities

Accounts payable

$ 4,051

Other current liabilities

8,789

Derivative liabilities

961

Total current liabilities

13,801

Operating lease liabilities, excluding current portion

4,238

Derivative liabilities

749

Long-term debt

478,700

Total liabilities

497,488

Commitments and contingencies

Mezzanine equity:

Series A preferred units

159,184

Kimbell Royalty Partners, LP unitholders' equity:

Common units

575,049

Class B units

802

Total Kimbell Royalty Partners, LP unitholders' equity

575,851

Non-controlling interest in OpCo

93,694

Total unitholders' equity

669,545

Total liabilities, mezzanine equity and unitholders' equity

$ 1,326,217

Kimbell Royalty Partners, LP – News Release

Page 8

Kimbell Royalty

Partners, LP

Condensed Consolidated Statements

of Operations

(Unaudited, in thousands, except

per-unit data and unit counts)

Three Months

Ended

Three Months

Ended

June 30, 2026

June 30, 2025

Revenue

Oil, natural gas and NGL revenues

$ 103,046

$ 74,695

Lease bonus and other income

3,319

2,514

Gain on commodity derivative instruments, net

6,112

9,339

Total revenues

112,477

86,548

Costs and expenses

Production and ad valorem taxes

8,207

5,715

Depreciation and depletion expense

30,206

30,458

Marketing and other deductions

4,163

3,016

General and administrative expense

10,220

9,573

Total costs and expenses

52,796

48,762

Operating income

59,681

37,786

Other expense

Interest expense

(8,404 )

(8,947 )

Net income before income taxes

51,277

28,839

Income tax expense

3,978

2,167

Net income

47,299

26,672

Distribution and accretion on Series A preferred units

(2,628 )

(24,337 )

Net income attributable to non-controlling interests

(6,251 )

(314 )

Distributions to Class B unitholders

(9 )

(14 )

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

$ 38,411

$ 2,007

Basic

$ 0.40

$ 0.02

Diluted

$ 0.40

$ 0.02

Weighted average number of common units outstanding

Basic

96,306,888

91,170,092

Diluted

118,876,199

122,924,241

Kimbell Royalty Partners, LP – News Release

Page 9

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 10

Kimbell

Royalty Partners, LP

Supplemental

Schedules

(Unaudited,

in thousands)

Three Months

Ended

Three Months

Ended

June 30, 2026

June 30, 2025

Reconciliation of net cash provided by operating activities to Adjusted EBITDA and cash available for distribution

Net cash provided by operating activities

$ 68,304

$ 72,321

Interest expense

8,404

8,947

Income tax expense

3,978

2,167

Amortization of right-of-use assets

(92 )

(86 )

Amortization of loan origination costs

(505 )

(579 )

Unit-based compensation

(4,342 )

(4,124 )

Gain on derivative instruments, net of settlements

9,322

8,524

Changes in operating assets and liabilities:

Oil, natural gas and NGL receivables

8,157

(13,009 )

Accounts receivable and other current assets

(105 )

(792 )

Accounts payable

(1,152 )

Other current liabilities

(2,171 )

(5,208 )

Operating lease liabilities

Consolidated EBITDA

$ 89,887

$ 68,244

Add:

Unit-based compensation

4,342

4,124

Gain on derivative instruments, net of settlements

(9,322 )

(8,524 )

Consolidated Adjusted EBITDA

$ 84,907

$ 63,844

Adjusted EBITDA attributable to non-controlling interest

(11,882 )

(8,576 )

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$ 73,025

$ 55,268

Adjustments to reconcile Adjusted EBITDA to cash available for distribution

Less:

Cash interest expense

6,776

5,810

Cash distribution to Series A preferred unitholders

2,091

2,104

Cash income tax expense

4,167

219

Distribution to Class B unitholders

Cash available for distribution on common units

$ 59,982

$ 47,121

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

June 30, 2026

Net income

$ 47,299

Depreciation and depletion expense

30,206

Interest expense

8,404

Income tax expense

3,978

Consolidated EBITDA

$ 89,887

Unit-based compensation

4,342

Gain on derivative instruments, net of settlements

(9,322 )

Consolidated Adjusted EBITDA

$ 84,907

Adjusted EBITDA attributable to non-controlling interest

(11,882 )

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$ 73,025

Adjustments to reconcile Adjusted EBITDA to cash available for distribution

Less:

Cash interest expense

6,776

Cash distribution to Series A preferred unitholders

2,091

Cash income tax expense

4,167

Distribution to Class B unitholders

Cash available for distribution on common units

$ 59,982

Common units outstanding on June 30, 2026

98,652,268

Common units outstanding on August 17, 2026 Record Date

100,895,984

Cash available for distribution per common unit outstanding

$ 0.59

Second quarter 2026 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 $1.4 million of cash flows expected to be received from the Q2

2026 Acquired Production from June 1, 2026 to June 21, 2026, 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 Q2 2026 acquisition will be reflected in Kimbell's condensed consolidated financial statements from June 22, 2026

onward. Furthermore, ownership percentages used to allocate Adjusted EBITDA reflect relative OpCo unit ownership as of June 30, 2026

(common 86%, NCI 14%). Subsequent to quarter-end, holders exchanged 2,243,716 OpCo units/class B units for an equal

number of common units. Dividends on common units are determined on the record date. As a result, as of the

distribution record date of August 17, 2026, the Company’s economic ownership of OpCo is expected to be approximately 88% and

the NCI is 12%.

Kimbell Royalty Partners, LP – News Release

Page 12

Kimbell Royalty

Partners, LP

Supplemental Schedules

(Unaudited, in thousands, except

for per-unit data and unit counts)

Three Months

Ended

June 30, 2025

Net income

$ 26,672

Depreciation and depletion expense

30,458

Interest expense

8,947

Income tax expense

2,167

Consolidated EBITDA

$ 68,244

Unit-based compensation

4,124

Gain on derivative instruments, net of settlements

(8,524 )

Consolidated Adjusted EBITDA

$ 63,844

Adjusted EBITDA attributable to non-controlling interest

(8,576 )

Adjusted EBITDA attributable to Kimbell Royalty Partners, LP

$ 55,268

Adjustments to reconcile Adjusted EBITDA to cash available for distribution

Less:

Cash interest expense

5,810

Cash distribution to Series A preferred unitholders

2,104

Cash income tax expense

219

Distribution to Class B unitholders

Cash available for distribution on common units

$ 47,121

Common units outstanding on June 30, 2025

93,396,488

Common units outstanding on August 18, 2025 Record Date

93,396,488

Cash available for distribution per common unit outstanding

$ 0.50

Second quarter 2025 distribution declared (1)

$ 0.38

(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 13

Kimbell

Royalty Partners, LP

Supplemental

Schedules

(Unaudited,

in thousands)

Three Months

Ended

June 30, 2026

Net income

$ 47,299

Depreciation and depletion expense

30,206

Interest expense

8,404

Income tax expense

3,978

Consolidated EBITDA

$ 89,887

Unit-based compensation

4,342

Gain on derivative instruments, net of settlements

(9,322 )

Consolidated Adjusted EBITDA

$ 84,907

Q3 2025 - Q1 2026 Consolidated Adjusted EBITDA (1)

215,462

Trailing Twelve Month Consolidated Adjusted EBITDA

$ 300,369

Long-term debt (as of 6/30/26)

478,700

Cash and cash equivalents (as of 6/30/26)

(44,931 )

Net debt (as of 6/30/26)

$ 433,769

Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA

1.4 x

(1) Consolidated

Adjusted EBITDA for each of the quarters ended September 30, 2025, December 31, 2025 and March 31, 2026 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 Q2 2026

acquisition that closed in June 2026 in accordance with Kimbell's secured revolving credit facility.

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