Kimbell Royalty Partners (KRP) investor relations material

Company overview and business model

• Formed in 2015 as a Delaware limited partnership to own and acquire mineral and royalty interests in oil and natural gas properties across the U.S.

• Generates revenue from a share of production revenues, without bearing drilling, completion, or operating costs.

• Primary objective is to provide increasing cash distributions to unitholders through acquisitions and organic growth.

Risk factors and disclosures

• Exposed to risks such as reserve replacement, integration of acquisitions, commodity price volatility, operator performance, regulatory changes, and environmental proposals.

• Additional risks include title defects, availability of transportation, compliance with laws, and potential changes in tax law.

• Risks are detailed in the Annual Report on Form 10-K and subsequent filings, which are incorporated by reference.

Use of proceeds and capital allocation

• Will not receive proceeds from the sale of common units by selling unitholders; all proceeds go to selling unitholders.

• Growth strategy relies on external capital for acquisitions, including debt and equity issuance.