Kimbell Royalty PartnersNYSE: KRP

Winter 2026 Investor Presentation

· Issued by Kimbell Royalty Partners

Key figures

  • Kimbell is a pure play mineral company offering a unique 10.7% annualized cash distribution yield
  • Interests in over 137,000 gross wells across over 17 million gross acres in the US, including highest growth shale basins and stable conventional fields
  • ~98% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions
  • Q3 2026 oil, natural gas and NGL revenues of $96.9 million
  • Q3 2026 net income of approximately $17.3 million and net income attributable to common units of approximately $12.4 million

On 6ix: 6ix.com/news/kimbell-royalty-partners-lp-winter-2026-investor-presentation

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Winter 2026 Investor Presentation

  1. Company Overview and History Kimbell Overview

    Kimbell is a pure play mineral company offering a unique 10.7% annualized cash distribution yield(1)

Company Overview

Investment Highlights

High Quality, Diversified Asset Base

  • 10+ years of drilling inventory remaining(3)

  • Shallow PDP decline rate of approximately 14%(4)

  • Net Royalty Acre position of approximately 168,802 acres(2) across multiple producing basins provides diversified scale

Attractive Tax Structure

  • Approximately 76% of the distribution to be paid on November 23, 2026 is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell, and should not constitute dividends for U.S. federal income tax purposes(5)

Prudent Financial Philosophy

  • Net Debt / TTM Adjusted EBITDA of 1.5x as of 9/30/2026

  • Actively hedging for two years representing approximately 15% of current production

  • Significant insider ownership with approximately 9% of the company owned by management, board and affiliates ensures shareholder alignment(6)

Positioned as Natural Consolidator

  • Kimbell will continue to opportunistically target high quality positions in the highly fragmented minerals arena

  • Significant consolidation opportunity in the minerals industry with approximately $884 billion(7) in market size and limited public participants of scale

  • Provides ownership in diversified, high margin, stable assets with zero capital requirements needed to support resilient free cash flow

  • Interests in over 137,000 gross wells across over 17 million gross acres in the US, including highest growth shale basins and stable conventional fields(2)

  • ~98% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions(2)

  • Since IPO in 2017, Kimbell has completed approximately $2.4 billion in M&A transactions, grown average daily production by ~9x, and returned 82% of $18.00/unit IPO price via quarterly cash distributions

    Kimbell Mineral and Royalty Assets

  1. Cash distribution yield reflects annualized Q3'26 distribution. Unit price calculated as of 10/30/2026.

  2. Well count, M&A, and acreage numbers include mineral interests and overriding royalty interests.

  3. Based on estimated major and minor upside net locations of 86.13 divided by estimated 8.2 net wells completed

    4 per year to maintain flat production. See pages 9-11 and 37 for additional detail.

  4. Estimated 5-Year PDP average decline rate on a 6:1 basis.

  5. Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change, including with respect to prior quarters.

  6. As of 9/30/26. Does not include Kimbell's Series A preferred units on an as-converted basis.

  7. Midpoint of market size estimate range. Based on production data from EIA and spot price as of 10/6/2026. Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 18.75%. Assumes a 10x multiple on cash flows to derive total market size. Excludes natural gas liquids ("NGLs") value and overriding royalty interests.

    Q3 2026 Highlights - Record Results

    In Q3'26, Kimbell generated $96.9 million in Oil, Natural Gas and NGL Revenues, $80.4 million consolidated Adjusted EBITDA, with record daily production of 27,565 Boe/d (6:1)

    Q3'26 Snapshot

    Q3'26 Revenue by Basin

    $96.9mm

    Q3'26 Daily Production by Basin(1)

    • Record Q3 2026 daily production of 27,565 Boe/d(1)

    • Q3 2026 oil, natural gas and NGL revenues of $96.9 million

    • Q3 2026 net income of approximately $17.3 million and net income attributable to common units of approximately $12.4 million

    • Q3 2026 consolidated Adjusted EBITDA of $80.4 million

    • Cash distribution of $0.45 per common unit

    • On 11/16/26, Kimbell expects to redeem 50% of the remaining Series A Cumulative Convertible Preferred Units

    • 93 active rigs drilling on Kimbell's acreage, representing approximately 16% market share of U.S. land rig count(2)

      Capitalization Table(3)

      Common Units Outstanding Class B Units Outstanding(4) Total Units Outstanding

      Unit Price

      Market Capitalization

      Total Debt

      Cash and Cash Equivalents

      Net Debt

      Series A Cumulative Convertible Preferred Units

      105,451,405

      18,752,185

      124,203,590

      $16.88

      $2,096,556,599

      $535,800,000 (33,743,998)

      $502,056,002

      $162,500,000

      Enterprise Value $2,761,112,601

      Q3 2026 Consolidated Adjusted EBITDA $80,357,621

      TTM Consolidated Adjusted EBITDA(5) $338,885,758

      Net Leverage Ratio 1.5x

      Tax Status: 1099-DIV/ No K-1

      Annualized Cash Distribution Yield(6) 10.7%

    • Conservative Net Debt to TTM Consolidated Adjusted EBITDA of 1.5x

      27,565 Boe/d

      1. Shown on a 6:1 basis. Includes 41 days of production from the Company's $221.2 million Drop Down acquisition, which closed on 8/21/2026. Following the closing of the acquisition, run-rate production was 28,910 Boe/d.

        5 (2) Based on Kimbell rig count as of 9/30/2026 and Baker Hughes U.S. land rig count of 586 as of 10/2/2026.

        1. Unit price, unit count and yield calculated as of 10/30/2026. All other financial and operational information are as of 9/30/2026.

        2. A Class B unit is exchangeable together with a common unit of Kimbell's operating company for a KRP common unit.

        3. Please reference page 38 for consolidated adjusted EBITDA non-GAAP reconciliation.

        4. Reflects the annualized Q3'26 distribution.

        Reaffirming Q4 2026 Guidance

        Assuming Mid-Points of Guidance, Kimbell expects attractive risk-adjusted cash distribution yield(1)

Q4 2026 Guidance

27.7 - 30.7 Mboe/d (6:1)

Net Production

32% - 36%

Oil Production - % of Net Production

43% - 47%

Natural Gas Production - % of Net Production

19% - 23%

NGL Production - % of Net Production

$1.45 - $2.25

Marketing and Other Expense ($/boe)

$2.25 - $2.45

Cash G&A ($/boe)

$13.00 - $20.00

Depreciation & Depletion Expense ($/boe)

6.0% - 8.0%

Production and ad valorem taxes (% of Oil, Natural Gas, and NGL Revenues)

75%

Payout Ratio

Estimated Q4 Annualized Cash Distribution / Common Unit @ 75% Payout Ratio(2)

Oil Price ($/Bbl)

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$2.00

$1.36

$1.55

$1.75

$1.94

$2.14

$2.33

$2.53

$2.50

$1.40

$1.60

$1.79

$1.99

$2.18

$2.38

$2.57

$3.00

$1.45

$1.64

$1.84

$2.03

$2.23

$2.42

$2.62

$3.50

$1.49

$1.69

$1.88

$2.08

$2.27

$2.47

$2.66

$4.00

$1.54

$1.73

$1.93

$2.12

$2.32

$2.51

$2.71

$4.50

$1.58

$1.78

$1.97

$2.17

$2.36

$2.56

$2.75

$5.00

$1.63

$1.82

$2.02

$2.21

$2.41

$2.60

$2.80

Nat Gas Price ($/Mcf)

Estimated Q4 Annualized Distribution Yield @ 75% Payout Ratio

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$2.00

8.0%

9.2%

10.4%

11.5%

12.7%

13.8%

15.0%

$2.50

8.3%

9.5%

10.6%

11.8%

12.9%

14.1%

15.3%

$3.00

8.6%

9.7%

10.9%

12.0%

13.2%

14.4%

15.5%

$3.50

8.8%

10.0%

11.2%

12.3%

13.5%

14.6%

15.8%

$4.00

9.1%

10.3%

11.4%

12.6%

13.7%

14.9%

16.1%

$4.50

9.4%

10.5%

11.7%

12.8%

14.0%

15.2%

16.3%

$5.00

9.6%

10.8%

12.0%

13.1%

14.3%

15.4%

16.6%

Oil Price ($/Bbl)

Nat Gas Price ($/Mcf)

Source: Management Guidance as of 8/24/2026. Per Unit metrics assume 105,451,405 common units, 18,752,185 Class B units, and $81.25 million face value of 6.00% Series A Cumulative Convertible Preferred Units ("Pref") outstanding.

6 (1) Cash distribution yield reflects annualized Q4 2026 distributions, assuming 75% payout ratio. Distribution yield calculated based on $16.88 per unit price as of 10/30/2026.

  1. Other assumptions include existing hedges, $500k lease bonus revenue / quarter, and realized oil, natural gas, and NGL differentials consistent with Q3 2026 results. Cash interest

    expense assumes 50% redemption of remaining Pref on 11/16/26, and 25% of expected Cash Available for Distribution will be used to pay down RBL facility.

    Kimbell's Track Record Since IPO

    13

    $2.4Bn

    # of major M&A transactions closed since IPO

Invested in M&A since IPO

~13.0mm

$2.48/Boe

Gross acres acquired since IPO(1)

Reduced Cash G&A / Boe by ~67% since IPO(2)

Selected Acquisitions

Cash Distribution Growth

Close Date

  • $271mm

  • Cash & Equity

December 2022

Private

Seller

January 2025

September 2023

  • $230mm

  • Cash

Transaction

Size / Consideration

  • $455mm

  • Cash

  • $444mm

  • Cash & Equity

July 2018

$2.90

$4.46

$5.14

$0.68

$6.46

$8.45

$10.13

$11.85

$13.42

$14.75

$1.20 $1.70

$1.20

$2.90

$1.56

$5.14

$6.46

$1.32

$8.45

$1.99

$10.13

$1.68

$11.85

$1.72

$13.42

$1.57

$1.33

$1.20

$4.46

Kimbell has returned ~82% of

$18.00/unit IPO price via cash distributions since 2017

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 YTD 2026

Prior Cumulative Distributions Quarterly Distributions

Daily Production Growth (Boe/d)(3)

24.3 24.7 24.1 23.8 24.1 25.5 25.4 25.5 25.6 25.5 25.8

17.0 17.6

19.8

12.0 11.8 12.8 12.8 12.6

14.1 14.2 14.1 13.7 14.0 14.1 14.0 14.4 14.9 15.0 15.4

8.5

10.1

3.1 3.1 3.3

3.5

3.7 3.6

Kimbell has grown daily production by ~9x since IPO

27.6

Source: Company filings and presentations.

  1. Acreage numbers include mineral interests and overriding royalty interests.

    7 (2) Q3 2026 Cash G&A per Boe.

    1. Boe shown in thousands, and on a 6:1 basis.

      Superior Value Proposition

      • Kimbell compares favorably on key traditional investment metrics to publicly traded companies across various industries

      • Offers unique combination of tax advantaged dividend yield with a strong balance sheet

    NYSE + NASDAQ Publicly Traded Companies

    (~6,100 companies)

    Dividend Yield(1)

    >10.5%

    Market Cap

    >$2.0 Billion

    Debt / Enterprise Value

    <20%

    Expected Tax Deferred Dividend

    445 companies

    19 companies

    2 companies

    Approximately 76% of the distribution to be paid on November 23, 2026 is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell, and should not constitute dividends for U.S. federal income tax purposes(2)

    Source: Bloomberg as of 10/30/2026.

    (1) Dividend yield is defined as a company's most recent quarterly distribution annualized divided by such company's current share price.

    8 (2) Kimbell believes these estimates are reasonable based on currently available information, but they are subject to change.

    Portfolio Overview by Basin

    Kimbell's portfolio consists of high-quality oil and gas assets across almost every major basin in the U.S. We believe the portfolio represents a balanced mix of liquids vs. gas with high levels of activity from some of the top operators in the industry.

    Permian

    Eagle Ford

    Haynesville

    Mid-Continent

    Bakken

    Appalachia

    Rockies

    Other (1)

    Total

    Gross | Net Undeveloped Locations(2)(3)

    4,645 | 36.11

    1,443 | 13.66

    854 | 11.13

    1,918 | 10.94

    1,193 | 2.29

    328 | 2.41

    146 | 0.98

    N/A

    10,527 | 77.52

    Gross | Net Drilled but Uncompleted wells ("DUCs")(3)(4)

    679 | 3.14

    97 | 0.50

    53 | 0.28

    106 | 0.53

    66 | 0.07

    4 | 0.04

    0 | 0.00

    N/A

    1,005 | 4.56

    Gross | Net Permits(3)(4)

    484 | 3.81

    46 | 0.11

    26 | 0.22

    67 | 0.44

    63 | 0.16

    7 | 0.02

    12 | 0.05

    N/A

    705 | 4.81

    Q3 2026 Production,

    % of Total

    47%

    6%

    11%

    18%

    4%

    7%

    3%

    4%

    100%

    Q3 2026

    Production Mix

    25%

    73% 49%

    Liquids

    24%

    68% 44%

    Liquids

    3% 5%

    7%

    Liquids

    16%

    27%

    43%

    Liquids

    18%

    76%

    24% Liquids 58%

    15% 3%

    18%

    Liquids

    18%

    32%

    49%

    Liquids

    14%

    30%

    44%

    Liquids

    21%

    34%

    55%

    Liquids

    Oil Gas NGL

    27%

    32%

    93%

    57%

    82%

    51%

    56%

    45%

    Avg. Gross Horizontal wells per Drilling Spacing Unit ("DSU")(5)

    12.0

    6.9

    5.9

    6.8

    8.5

    7.6

    10.5

    N/A

    8.3

    Rigs(4)

    60

    6

    6

    16

    4

    1

    -

    -

    93

    Top Operators

    Note: Includes only horizontal locations. Q3'26 average daily production is shown on a 6:1 basis. Numbers may not add due to rounding.

    1. Represents Kimbell's minor basins in this presentation. Includes basins such as Uinta, San Juan, Barnett, as

    9 well as other miscellaneous conventional properties.

  2. Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve definitions based on internal reserves database as of 9/30/2026). Excludes DUCs and small interest wells (minor properties).

  3. Locations only include Kimbell's major properties in major basins and do not include minor properties, which generally have less than 0.1% net revenue interest and are time consuming to quantify, but in the estimation of Kimbell's management could add up to an additional 10% to Kimbell's net inventory in the aggregate.

  4. As of 9/30/2026.

  5. Gross horizontal wells per DSU from internal reserves database as of 9/30/2026, DSU sizes vary.

    Portfolio Transparency & Defining Upside Potential

    Kimbell's acreage position contains over 10 years(1) of drilling inventory across its major and minor(2) properties

Portfolio Transparency & Defining Upside Potential

  • We believe that Kimbell is known for its superior proved developed producing ("PDP") reserves and five-year average PDP decline rate of 14%, but upside potential from its extensive drilling inventory is not fully appreciated by the market

  • As of September 30, 2026, we had identified 10,527 gross / 77.52 net (100% NRI) total upside locations(3) on major(2) properties alone. Major properties comprise approximately 90% of our portfolio. Management estimates that minor(2) properties can potentially add up to 10% to our net inventory, which implies our total upside inventory could potentially be as high as 86.13 net locations

  • Kimbell applied conservative spacing assumptions relative to our peers, averaging 12 gross horizontal wells/DSU in the Permian. The Permian, Eagle Ford, Haynesville and Mid-Con account for approximately 93% of the total undrilled net inventory in Kimbell's portfolio

  • Kimbell estimates that only 8.2 net wells are needed per year to maintain production, which reflects over 10 years of drilling inventory including the major and minor locations

  • Virtually no upside locations on federal (BLM) acreage, or in Colorado or California

  • As of September 30, 2026, Kimbell had 1,005 gross / 4.56 net DUCs and 705 gross /

4.81 net permitted locations on its major(2) properties alone

Note: All inventory figures as of September 30, 2026. See page 37 in appendix for further details on process and methodology.

  1. Reflects 86.13 net (100% NRI) total upside locations on major and minor properties divided by estimated 8.2 net wells completed to maintain flat production.

  2. Locations only include Kimbell's major properties in major basins and do not include minor properties, which generally have less than 0.1% net revenue interest and are time consuming to quantify, but in the

    10 estimation of Kimbell's management could add up to an additional 10% to Kimbell's net inventory in the aggregate. For a description of major properties and basins, see page 9.

  3. Does not include DUC inventory.

Upside Location Drilling Inventory (Major(1) Properties Only)

Gross Location Breakdown(2)

Net Location Breakdown(2)

10,527

Gross Locations

77.52

Net Locations

Remaining Drilling Inventory by Basin(2)

Basin

Major Gross Locations

Major Net Locations

Avg. Gross Horizontal Wells/DSU(3)

Permian

4,645

36.11

12.0

Eagle Ford

1,443

13.66

6.9

Haynesville

854

11.13

5.9

Mid-Con

1,918

10.94

6.8

Bakken

1,193

2.29

8.5

Appalachia

328

2.41

7.6

Rockies

146

0.98

10.5

Total (Major Properties Only)

10,527

77.52

8.3

Note: Numbers may not add due to rounding.

  1. Locations only include Kimbell's major properties in major basins and do not include minor properties, which generally have less than 0.1% net revenue interest and are time consuming to quantify, but in the estimation of Kimbell's management could add up to an additional 10% to Kimbell's net inventory in the aggregate. For a description of major properties and basins, see page 9.

11 (2) Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve definitions based on internal reserves database as of 9/30/2026). Excludes DUCs and small interest

wells (minor properties).

  1. Gross horizontal wells per DSU from internal reserves database as of 9/30/2026, DSU sizes vary.

    DUC and Permit Inventory

    As of September 30, 2026, Kimbell had 1,005 gross (4.56 net) DUCs and 705 gross (4.81 net) permitted locations on its acreage, which is in excess of estimated 8.2 net wells to maintain flat production(1)

Basin

Gross DUCs(2)

Gross Permits(2)

Net DUCs(2)

Net Permits(2)

Total Net Wells(2)

Permian

679

484

3.14

3.81

6.95

Eagle Ford

97

46

0.50

0.11

0.61

Haynesville

53

26

0.28

0.22

0.50

Mid-Continent

106

67

0.53

0.44

0.97

Bakken

66

63

0.07

0.16

0.23

Appalachia

4

7

0.04

0.02

0.06

Rockies

0

12

0.00

0.05

0.05

Total

1,005

705

4.56

4.81

9.37

Note: Numbers may not add due to rounding.

  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 10% to Kimbell's net inventory. Please refer to

    12 page 10 for additional detail.

  2. As of 9/30/2026.

93 Rigs

Kimbell's Rig Count Growth Over Time

6

5

2 Q ' 2 6

3 Q' 2 6

Permian

Haynesville

Eagle Ford

Bakken

Mid-Continent Appalachia

Rockies

Other

60

59

91

93

4

6

6

7

16

13

Kimbell's Rig Count and Market Share Growth

Quarter-Over-Quarter Rig Count Change

Active Rigs on Acreage by Basin(1)

17%16%16%16%16%15%16%17%16%16%16%16%16%

14%

9% 10%

12%12%12%12% 12%

7% 7% 89

77

71

89

10%10%11%

11%

11%11%10%11% 92 94

12%

13%

99 98 98

90 91 90

91

93

82

81

87

90

88

86

85 85

75

79

73 74

60 61

49 50

3% 3% 2% 2% 2% 2%

39

24 24

21

25

29 30

19

23

Total KRP Rig Count KRP Market Share %(2)

  1. Rig count as of 9/30/2026.

  2. Based on Kimbell rig count as of 9/30/2026 and Baker Hughes U.S. land rig count of 586 as of 10/02/2026.

13

Active Rigs Drilling on Kimbell's Acreage (as of 9/30/26)

Kimbell has 93 active rigs (98% horizontal) drilling on our acreage at no cost to us; 67% of rigs are operated by public companies and 33% by private operators

Permian

Well Name

Operator

County/State

1

MABEE DDA A34-1112MH

CONOCOPHILLIPS

ANDREWS, TX

2

MABEE DDA A38-1003MH

CONOCOPHILLIPS

ANDREWS, TX

3

MABEE DDA A47-1008LH

CONOCOPHILLIPS

ANDREWS, TX

4

TUBB, J. B. -A-2022JH

RING ENERGY

CRANE, TX

5

ALICE FEE 34-7H

CAPITAN ENERGY

CULBERSON, TX

6

HOELSCHER 34A-1H

EXXON

GLASSCOCK, TX

7

HURT-BRUNSON 32E-5H

EXXON

GLASSCOCK, TX

8

HURT-BRUNSON 32L-12H

EXXON

GLASSCOCK, TX

9

WACO KID MARION RAVENWOOD A-0781WD

SM

HOWARD, TX

10

WACO KID MARION RAVENWOOD C-0746WA

SM

HOWARD, TX

11

LATRELLE 1WC UNIT-1WC

ADMIRAL

LOVING, TX

12

MURUS 55-2 D-3104H

CONOCOPHILLIPS

LOVING, TX

13

PREQUEL STATE F-604H

CONOCOPHILLIPS

LOVING, TX

14

NIGHTWRANGLER A-754H

EOG

LOVING, TX

15

STATE APOLLO XL A-731H

EOG

LOVING, TX

16

STATE APOLLO XL F-752H

EOG

LOVING, TX

17

STONE CUTTER K-751H

EOG

LOVING, TX

18

STONE CUTTER M-753H

EOG

LOVING, TX

19

EL CRUDERINO-3115H

GREENLAKE

LOVING, TX

20

SHOCK-N-AWE UL 19-0-5-41 J-504H

OCCIDENTAL

LOVING, TX

21

SHOCK-N-AWE UL 19-0-5-41 O-509H

OCCIDENTAL

LOVING, TX

22

HALSEY 4-45 D-1WA

DIAMONDBACK

MARTIN, TX

23

WRS HESPERALOE G-2HD

OCCIDENTAL

MARTIN, TX

24

BERMAN 3-33 D-4BN

DIAMONDBACK

MIDLAND, TX

25

RIO TRINITY 22-34 I-4WA

DIAMONDBACK

MIDLAND, TX

26

RIO TRINITY 22-34 Q-6WA

DIAMONDBACK

MIDLAND, TX

27

RIVERCREST 47-11 H-5WB

DIAMONDBACK

MIDLAND, TX

28

WTH 1-12 B-1LS

DIAMONDBACK

MIDLAND, TX

29

WTH 1-12 E-2WB

DIAMONDBACK

MIDLAND, TX

30

WTH 1-12 L-4WD

DIAMONDBACK

MIDLAND, TX

31

JW H-484WD

DISCOVERY

MIDLAND, TX

32

JW L-2MS

DISCOVERY

MIDLAND, TX

33

BROOKS-CRESPI 30M-13H

EXXON

MIDLAND, TX

34

BUCHANAN 42A-1H

EXXON

MIDLAND, TX

35

BUCHANAN-KING 1D-4H

EXXON

MIDLAND, TX

36

BUCHANAN-KING 2L-112H

EXXON

MIDLAND, TX

37

BUCHANAN-KING D17F-6H

EXXON

MIDLAND, TX

38

CRESPI-GOLLADAY E30H-8H

EXXON

MIDLAND, TX

39

FASKEN-BUCHANAN 51C-3H

EXXON

MIDLAND, TX

40

FASKEN-BUCHANAN 51M-13H

EXXON

MIDLAND, TX

41

MCALISTER-RAGGETT 29E-5H

EXXON

MIDLAND, TX

42

MCALISTER-RAGGETT 29H-8H

EXXON

MIDLAND, TX

43

SPOONBILL-DONOVAN 10P-16H

EXXON

MIDLAND, TX

44

TURNER-WINKLEMAN 42D-4H

EXXON

MIDLAND, TX

45

FERNWOOD 6-4 RB-1SB

BLUE ARROW

PECOS, TX

46

SPRABERRY DRIVER UNIT-2708H

EXXON

REAGAN, TX

47

EL JEFE-806H

CONOCOPHILLIPS

REEVES, TX

48

EL JEFE-809H

CONOCOPHILLIPS

REEVES, TX

49

AMERICANO 1503A-01H

CONTINENTAL

REEVES, TX

50

RALPHIE 7 UNIT-7UH

JETTA

REEVES, TX

14

Permian (cont'd)

Well Name

Operator

County/State

51

BLACK COBRA 1-2 UNIT B-6H

PERUN ENERGY

REEVES, TX

52

SOUTH ROCKFISH G-7WB

PETROPLEX

REEVES, TX

53

STATE HIPPO E12-12H

VTX

REEVES, TX

54

STATE HIPPO E13-13H

VTX

REEVES, TX

55

SACROC UNIT-251A12

KINDER MORGAN

SCURRY, TX

56

DIAMOND HANDS TXL A4-3804MH

CONOCOPHILLIPS

UPTON, TX

57

PEMBROOK UNIT-1718H

EXXON

UPTON, TX

58

BAIRD, W. E.-1307

BASIN OIL & GAS

WINKLER, TX

59

ZIA HILLS UNIT 2331 WC-711H

CONOCOPHILLIPS

EDDY, NM

60

LOS VAQUEROS FED COM-124H

PERMIAN RESOURCES

LEA, NM

Mid-Con

Well Name

Operator

County/State

61

HANSEN 14_23-14N-9W-2HX

DEVON

CANADIAN, OK

62

SHARON 3H-081720X

DEVON

CANADIAN, OK

63

FNA 1207 26-23-2MXH

DIVERSIFIED

CANADIAN, OK

64

JOSIE 1407-8-20 2MH

FLYWHEEL

CANADIAN, OK

65

WOOGIE 1408-35-14 2WH

FLYWHEEL

CANADIAN, OK

66

AKIN-2-27-22XHM

CONTINENTAL

CUSTER, OK

67

TALLGRASS 0404-2722-5HS

VALIDUS

GARVIN, OK

68

BAR K 0606-30-31-1UMXH

CAMINO

GRADY, OK

69

RHONDA 0807-4-33-4WXH

CAMINO

GRADY, OK

70

HOTEL CALIFORNIA-3-35-23XH

CONTINENTAL

GRADY, OK

71

JACKPOT FEDERAL-4-20-32XHW

CONTINENTAL

GRADY, OK

72

PLATO-5-21-9XHW

CONTINENTAL

GRADY, OK

73

GAUCHO 0606-29-20 3WH

FLYWHEEL

GRADY, OK

74

GEORGE LANKARD 1506-21-16 3MH

FLYWHEEL

KINGFISHER, OK

75

CROWLEY 7-18-7N-4W-3HX

ECKARD

MCCLAIN, OK

76

BRIGGS 6-31 PA FEE COM-1H

MEWBOURNE

ROGER MILLS, OK

Haynesville

Well Name

Operator

County/State

77

WEAVER DK-1H

COMSTOCK

FREESTONE, TX

78

HA RA SUZ;14 OAKS 9&21-17-14HC-001

APEX

CADDO, LA

79

HA RA SU89;CHC27&22&15-17-15HC-001-ALT

EXPAND

CADDO, LA

80

HA RA SUB;MAIER 24-13 HC-002-ALT

EXCO

DE SOTO, LA

81

DSP 8&5-13-9HC-001

APEX

RED RIVER, LA

82

DSP 8&5-13-9HC-004

APEX

RED RIVER, LA

Eagle Ford

Well Name

Operator

County/State

83

GAC AW-1H

TRAILBLAZER

ATASCOSA, TX

84

FAIRWAY B-13HA

MAGNOLIA

BURLESON, TX

85

SLONE B-FRIEDEL B SA B-2H

DEVON

DEWITT, TX

86

WILLIAMS A-STEIN A-SHEPPA A SA A-1H

DEVON

DEWITT, TX

87

FIESTA F-6H

EOG

KARNES, TX

88

F MALEK L-1893-KOER SA B-1

CONOCOPHILLIPS

LIVE OAK, TX

Bakken

Well Name

Operator

County/State

89

GBU PERSES-43X-3B

EXXON

MCKENZIE, ND

90

CLEARWATER-44-3007H

EOG

MOUNTRAIL, ND

91

PATCH-3-11H

CONTINENTAL

WILLIAMS, ND

92

GBU ZEUS-34X-8F

EXXON

WILLIAMS, ND

Appalachia

Well Name

Operator

County/State

93 CASH SOUTH-12H

EQT

WETZEL, WV

Current Inventory and Rig Count Support Organic Growth

Net DUC and Net Permit inventory, of 9.37 net wells (which is in excess of 8.2 net wells needed to maintain flat production), coupled with 93 rigs actively drilling on Kimbell's acreage, providing additional confidence in Kimbell's consistent production profile (1)

Kimbell's near term

inventory remains in excess of maintenance activity levels

9.34

9.37

8.38 8.20 7.96

7.84

8.10 7.99

6.94

6.74 6.86

7.21

7.07 7.09

7.39

6.85

5.44

5.03 5.36

8.20

6.50 6.50 6.50 6.80 6.80 7.20

5.80 5.80 5.80 5.80 5.80 5.80

4.50 4.50 4.50 4.50 4.50 4.90

10.00 120

8.00

Net Well Inventory

100

Rig Count

6.00

80

4.00

60

2.00

- 40

Maintenance Wells Wells in Excess of Maintenance Level Rig Count

(1) As of 9/30/2026. Net DUCs + Net Permits = Net Wells.

15

Investment Highlights - Stable and Resilient Cashflow

Investment Highlights

Positioned as Natural Consolidator

  • Kimbell will continue to opportunistically target high quality positions in the highly fragmented minerals arena

  • Kimbell can capitalize on weak IPO markets by providing an avenue for sponsors looking to exit minerals investments

  • Significant consolidation opportunity in the minerals industry, with approximately $884 billion(5) in market size and limited public participants of scale

Diversified Asset Base

  • Net Royalty Acre position of approximately 168,802 acres (1,350,416 NRA normalized to 1/8th)(3) across multiple producing basins provides diversified scale

Deep Inventory with Strong Upside

  • Shallow PDP decline rate of approximately 14%(1)

  • Compelling rig activity and Net DUC / Net Permit inventory support organic growth

  • Sustainable business model with over 10 years of drilling locations remaining(2)

Attractive Tax Structure

  • Approximately 76% of the distribution to be paid on November 23, 2026 is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell, and should not constitute dividends for U.S. federal income tax purposes(4)

  • Status as a C-Corp for tax purposes provides a more liquid and attractive security (no K-1)

  1. Estimated 5-Year PDP average decline rate on a 6:1 basis.

  2. Based on estimated major and minor upside net locations of 86.13 divided by estimated

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

    16 8.2 net wells completed per year to maintain flat production. See pages 9-11 and 37 for (5) Midpoint of market size estimate range. Based on production data from EIA and spot price as of

    additional detail.

  3. Acreage numbers include mineral interests and overriding royalty interests.

10/6/2026. Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 18.75%. Assumes a 10x multiple on cash flows to derive total market size. Excludes natural gas liquids ("NGLs") value and overriding royalty interests.

  1. Detailed Asset Overview
Permian Basin Acreage Map

Permian

Haynesville

Mid-Continent

Eagle Ford

Other Basins

  • KRP acreage is in the "sweet spot" of the Permian, with production achieving both:

    • Stable PDP base production from long-life, low-decline, conventional assets on the CBP, NW Shelf, Eastern Shelf and Spraberry vertical units in the Midland Basin

    • Unconventional production from active horizontal development in the Midland and Delaware basins

Gross Acreage

Net Royalty Acreage

Midland

1,365,738

10,181

Gross Locations(1) Net Locations(1)

Delaware

775,172

5,698

Midland

2,458

18.97

Other Permian

1,533,440

14,291

Delaware

2,187

17.14

Total

3,674,350

30,170

Total

4,645

36.11

Key Operators

Permian Rigs on KRP Acreage

2022A Average 2023A Average 2024A Average 2025A Average

2026A Average

39

50

49

50

56

Source: Enverus as of 9/30/2026. Numbers may not add due to rounding.

(1) Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve definitions based on internal reserves database as of 9/30/2026).

18 Excludes DUCs and small interest wells (minor properties).

Permian Basin EOR / Waterflood Conventional Production

Permian

Haynesville

Mid-Continent

Eagle Ford

Other Basins

OWNBY UNIT

LEVELLAND UNITS

ROBERTS UNIT

SEMINOLE SAN ANDRES

COGDELL CANYON REEF

FULLERTON CLEARFORK

MEANS SAN ANDRES

SACROC UNIT

DOLLARHIDE UNIT

GOLDSMITH

GW OBRIEN

SAND HILLS TUBB

Key Operators

YATES FIELD UNIT

Source: Enverus as of 9/30/2026.

19

Permian Unconventional Upside Overview

Permian

Haynesville

Mid-Continent

Eagle Ford

Other Basins

Delaware Core Area(s) Defining Basin Potential and Inventory

  • Permian development spacing defined by geology and development trends by surrounding operators

    • Average of 12.0 gross wells/DSU(1)

    • Only zones annotated by a star were quantified

    • Potential for additional upside in other formations not quantified

  • 4,645 gross / 36.11 net (100% NRI) upside locations remain in undrilled inventory(1)

    • 679 gross / 3.14 net DUCs have been identified on KRP's major acreage(2)

      640 - 1,280

      acre DSU Unquantified Upside Unquantified Upside Unquantified Upside

      Unquantified Upside

      Unquantified Upside

      Unquantified Upside

      Delaware Spacing (core areas) Midland Spacing (core areas)

      640 - 1,280

      acre DSU

      Unquantified Upside

      Unquantified Upside Unquantified Upside

      Unquantified Upside

      Unquantified Upside

      Unquantified Upside

      1 mile

      1 mile

      Midland Core Area(s)

      Basin Contribution to KRP Portfolio

  • 60 rigs running on KRP's Permian acreage as of September 30, 2026

  • Permian production represents 47% of the Q3 2026 portfolio (Boe 6:1)

  • KRP's highly economic inventory in the core of the prolific Midland and Delaware Basins yields years of future development

  • Permian is currently 65% of KRP's total rig inventory, and 74% of net DUC and Permit inventory(2)

Source: Enverus as of 9/30/2026.

(1) Gross horizontal wells per DSU from internal reserves database as of 9/30/2026, DSU sizes vary.

20 (2) As of 9/30/2026.

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