Kimbell Royalty Partners
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Kimbell Royalty Partners (KRP) investor relations material

Kimbell Royalty Partners Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved strong Q4 2025 results with run-rate daily production of 25,627 Boe/d, exceeding guidance midpoint, and a major $230 million Permian Basin acquisition, capping an outstanding year of organic growth.

  • Declared a Q4 distribution of $0.37 per unit, up 6% sequentially, with a 10.5% annualized yield and a 75% payout ratio, returning $1.60 per unit for the year.

  • Increased proved developed reserves by 8% to nearly 73 million Boe in 2025, driven by development and acquisitions.

  • Portfolio includes interests in over 133,000 gross wells and 17 million gross acres, with 98% of onshore rigs in counties where it holds mineral interests.

  • Since IPO in 2017, completed over $2.0 billion in M&A, growing run-rate average daily production by over 8x and returning 75% of IPO price via distributions.

Financial highlights

  • Q4 2025 oil, natural gas, and NGL revenues totaled $76 million, with total revenues at $82.5 million and consolidated Adjusted EBITDA of $64.8 million.

  • Q4 2025 net income was $24.8 million; net income attributable to common units was $19.2 million.

  • Q4 general and administrative expenses were $10.4 million ($2.63/Boe cash G&A); full-year cash G&A was $2.51/Boe.

  • Q4 distribution represented 75% of cash available for distribution; 25% used to pay down debt.

  • Market capitalization was $1.52 billion, with an enterprise value of $2.08 billion as of Q4 2025.

Outlook and guidance

  • 2026 production guidance midpoint set at 25,500 Boe/d (range: 24,000–27,000 Boe/d), with oil comprising 46–50% and natural gas 30–34% of net production.

  • 2026 payout ratio guidance remains at 75% of cash available for distribution, with 25% allocated to debt repayment.

  • Cash G&A guidance for 2026: $2.45–$2.65/Boe; depreciation & depletion: $13.00–$20.00/Boe.

  • Confident in continued development due to active rig count and line of sight wells exceeding maintenance needs.

  • Positioned as a leading consolidator in the $650 billion U.S. oil and gas royalty sector.

Assess DUC/permit inventory vs. flat production needs
Impact of 25% cash allocation for debt repayment?
Kimbell's strategy for royalty sector consolidation
Mezzanine equity redemption timing and drivers
Woodford-Barnett development: production impact?
Mid-Con basin: growth drivers and M&A focus?
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Frequently asked questions

Kimbell Royalty Partners, LP is a limited partnership focused on acquiring and managing oil and natural gas mineral and royalty interests across the United States. The company’s portfolio includes interests in producing and non-producing properties in key resource basins such as the Permian Basin, Eagle Ford Shale, and Bakken Shale. Kimbell generates revenue from royalty income based on production volumes and commodity prices, without bearing the operational costs associated with drilling or production. The company is headquartered in Fort Worth, Texas, and its shares are listed on the NYSE.

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