Kimbell Royalty Partners (KRP) investor relations material

Executive summary

• Achieved record Q2 2026 results in oil, natural gas, and NGL revenues, net income, adjusted EBITDA, lease bonuses, average daily production, and cash available for distribution, supported by organic growth and acquisitions.

• Completed the Mesa Royalties acquisition in June 2026 for $145.9 million, immediately contributing to production and financial results.

• Announced a second drop-down acquisition since IPO, expected to further boost production and cash flow, with closing anticipated in August 2026.

• Declared a 15% increase in cash distribution to $0.47 per common unit, with an annualized yield of up to 13%.

• Repurchased and cancelled up to 1 million common units for $14.7 million under the buyback program.

Financial highlights

• Q2 2026 oil, natural gas, and NGL revenues reached $103 million, with total revenues of $112.5 million.

• Net income for Q2 2026 was $47.3 million; net income attributable to common units was $38.4 million.

• Adjusted EBITDA for Q2 2026 was $84.9 million, a quarterly record.

• Average daily production was 25,830 Boe/d, increasing to 26,967 Boe/d post-acquisition.

• General and administrative expenses were $10.2 million, with cash G&A at $2.50 per Boe.

Outlook and guidance

• Affirmed full-year 2026 guidance, with an update expected after closing the pending drop-down acquisition.

• Expects continued robust rig activity, production growth, and higher oil prices to support increased activity in oil-weighted basins.

• Over 11 years of drilling inventory remain, with 85.84 net upside locations identified.

• Board intends to allocate a portion of cash available for distribution to debt repayment.

• Long-term demand for U.S. energy anticipated to grow, supporting a positive outlook.