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., with a focus on generating cash distributions for unitholders through acquisitions and organic growth.

• Not responsible for drilling, completion, or operating costs, but entitled to a share of production revenues, net of post-production expenses and taxes.

• Elected to be taxed as a corporation for U.S. federal income tax purposes.

Financial performance and metrics

• Financial statements and reserve estimates are incorporated by reference from recent SEC filings, with audited financials by Grant Thornton LLP and reserve reports by Ryder Scott Company, L.P.

Use of proceeds and capital allocation

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

• Cash generated is primarily distributed to unitholders, with the Board of Directors retaining discretion to allocate cash for debt repayment, acquisitions, or reserves.