Kimbell Royalty次季日產量及經調整EBITDA創新高 每單位分派0.47美元

EX-99.1
2
tm2622481d1_ex99-1.htm
EXHIBIT 99.1

 

 

Exhibit 99.1

 

NEWS
RELEASE

 

 

 

Kimbell Royalty
Partners Announces Record Second Quarter 2026 Results

 

Record Oil, Natural
Gas and NGL Revenues, Record Lease Bonus and Other Income, Record Net Income, Record Consolidated Adjusted EBITDA and Record Cash Available
for Distribution

 

Record Q2 2026
Daily Production of 25,830 Boe/d (6:1)

 

Borrowing
Base and Aggregate Commitments on Kimbell's Secured Revolving Credit Facility Increased from $625 million to $660 million

 

Activity
on Acreage Remains Robust with 91 Active Rigs Drilling Representing 16%1 Market
Share of U.S. Land Rig Count

 

Announces Q2
2026 Cash Distribution of $0.47 per Common Unit, an Increase of 15% from Q1 2026

 

FORT
WORTH, Texas, August 7, 2026 – Kimbell Royalty Partners, LP (NYSE: KRP) (“Kimbell”
or the “Partnership”), a leading owner of oil and natural gas mineral and royalty interests in approximately 135,000 gross
wells across 28 states, today announced financial and operating results for the quarter ended June 30, 2026.

 

Second
Quarter 2026 Highlights

 

·Record
 Q2 2026 daily production of 25,830 barrels of oil equivalent (“Boe”) per day
 (6:1)

 

·Includes
 9 days of production from the Company’s $145.9 million acquisition of Mesa Royalties
 (the “Acquired Production”), which closed on June 22, 2026 with an effective
 date of June 1, 2026

 

·Following
 the closing of the Acquired Production on June 22, 2026, run-rate production was 26,967
 Boe per day (6:1)

 

·Record
 Q2 2026 oil, natural gas and NGL revenues of $103.0 million

 

·Q2
 2026 net income of approximately $47.3 million and net income attributable to common units
 of approximately $38.4 million

 

·Record
 Q2 2026 consolidated Adjusted EBITDA of $84.9 million

 

·On
 June 24, 2026, the borrowing base and aggregate commitments on Kimbell's secured revolving
 credit facility were increased from $625 million to $660 million

 

·As
 of June 30, 2026, Kimbell’s major properties2
 had 7.39 net DUCs and net permitted locations on its acreage compared to an estimated 7.20
 net wells needed to maintain flat production

 

·As
 of June 30, 2026, Kimbell had 91 rigs actively drilling on its acreage, representing
 approximately 16% market share of all land rigs drilling in the continental United States
 as of such time

 

 

1 Based on Kimbell
rig count of 91 and Baker Hughes U.S. land rig count of 561 as of June 30, 2026.

2 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 15% to Kimbell’s
net inventory.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 2

 

 

·Announced
 a Q2 2026 cash distribution of $0.47 per common unit, reflecting a payout ratio of 75% of
 cash available for distribution; implies a 13.0% annualized yield based on the August 6,
 2026 closing price of $14.51 per common unit; Kimbell intends to utilize the remaining 25%
 of its cash available for distribution to repay a portion of the outstanding borrowings under
 Kimbell’s secured revolving credit facility

 

·During
 Q2 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase
 price of approximately $7.4 million (average price of $14.70 per unit)

 

·Kimbell
 affirms its financial and operational guidance ranges for 2026 previously disclosed in its
 Q4 2025 earnings release and expects to update guidance upon the closing of the Drop Down
 acquisition previously announced on July 17, 2026

 

Robert Ravnaas,
Chairman and Chief Executive Officer of Kimbell Royalty GP, LLC, Kimbell’s general partner (the “General Partner”),
commented, “We are pleased to report an outstanding quarter for Kimbell, which includes records for oil, natural gas and NGL revenues,
net income, consolidated adjusted EBITDA, lease bonuses, average daily production and cash available for distribution. Other milestones
during the quarter include increasing the Company’s borrowing base and elected commitments on the credit facility from $625 million
to $660 million and repurchasing and cancelling 500,000 units under our unit repurchase program. Even excluding any uplift from the Acquired
Production in the Mesa Royalties acquisition, our production grew organically in Q2 2026, resulting in oil, natural gas and NGL revenues
exceeding $100 million for the first time, while cash G&A per BOE remained below the mid-point of guidance, generating positive operating
leverage and distribution growth. Kimbell’s active rig count remains robust with 91 rigs drilling across our acreage, led by the
Permian Basin, and our market share of U.S. land rigs remained at 16%.

 

“We are pleased
to declare the Q2 2026 distribution of 47 cents per common unit, an increase of 15% from Q1 2026 and reflecting a 13.0% annualized tax
advantaged yield based on Kimbell’s closing price on August 6, 2026. We estimate that approximately 47% of this distribution
is expected to be considered return of capital and not subject to dividend taxes, further enhancing the after-tax return to our common
unitholders.

 

“With the
recently announced Drop Down acquisition that we expect to close later this month and the recently closed acquisition of Mesa Royalties,
we have now announced over $360 million in acquisitions over the last 90 days, once again demonstrating our role as a leading consolidator
in the U.S. oil and natural gas royalty industry. We look forward to continuing this operational momentum and generating unitholder value
for years to come.”

 

Second Quarter
2026 Distribution and Debt Repayment

 

Today, the Board
of Directors of the General Partner (the “Board of Directors”) approved a cash distribution payment to common unitholders
of 75% of cash available for distribution for the second quarter of 2026, or $0.47 per common unit. The distribution will be payable
on August 24, 2026 to common unitholders of record at the close of business on August 17, 2026. Kimbell plans to utilize the
remaining 25% of cash available for distribution for the second quarter of 2026 to pay down approximately $17.9 million of the outstanding
borrowings under its secured revolving credit facility.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 3

 

 

Kimbell
expects that approximately 47% of its second quarter 2026 distribution should not constitute dividends for U.S. federal income tax purposes,
but instead are estimated to constitute non-taxable reductions to the basis of each distribution recipient’s ownership interest
in Kimbell common units. The reduced tax basis will increase unitholders’ capital gain (or decrease unitholders’ capital
loss) when unitholders sell their common units. The Form 8937 containing additional information may be found at www.kimbellrp.com
under “Investor Relations” section of the site. Kimbell currently believes that the portion
that constitutes dividends for U.S. federal income tax purposes will be considered qualified dividends, subject to holding period and
certain other conditions, which are subject to a tax rate of 0%, 15% or 20% depending on the income level and tax filing status of a
unitholder for 2026. Kimbell believes these estimates are reasonable based on currently available information, but they are subject to
change.

 

Financial Highlights

 

Kimbell’s
second quarter 2026 average realized price per Bbl of oil was $94.67, per Mcf of natural gas was $2.01, per Bbl of NGLs was $29.12 and
per Boe combined was $42.87.

 

During the second
quarter of 2026, the Partnership’s total revenues were $112.5 million, net income was approximately $47.3 million and net income
attributable to common units was approximately $38.4 million, or $0.40 per common unit.

 

Total second quarter
2026 consolidated Adjusted EBITDA was $84.9 million (consolidated Adjusted EBITDA is a non-GAAP financial measure. Please see
a reconciliation to the nearest GAAP financial measures at the end of this news release).

 

In
the second quarter of 2026, G&A expense was $10.2 million, $5.9 million of which was Cash G&A expense, or $2.50 per BOE (Cash
G&A and Cash G&A per Boe are non-GAAP financial measures. Please see definition under Non-GAAP Financial Measures in the Supplemental
Schedules included in this news release). Unit-based compensation in the second quarter of 2026, which is a non-cash G&A expense,
was $4.3 million or $1.85 per Boe.

 

During the second
quarter of 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase price of approximately $7.4
million (average price of $14.70 per unit). As of June 30, 2026, Kimbell is authorized to repurchase an additional approximately
$85.4 million of its common units under its repurchase program. The repurchase was funded by a draw on the Partnership’s secured
revolving credit facility.

 

As of June 30,
2026, Kimbell had approximately $478.7 million in debt outstanding under its secured revolving credit facility, had net debt to second
quarter 2026 trailing twelve month consolidated Adjusted EBITDA of approximately 1.4x and was in compliance with all financial covenants
under its secured revolving credit facility. Kimbell had approximately $181.3 million in undrawn capacity under its secured revolving
credit facility as of June 30, 2026.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 4

 

 

As of June 30,
2026, Kimbell had outstanding 98,652,268 common units and 16,051,322 Class B units. As of August 7, 2026, Kimbell had outstanding
100,895,984 common units and 13,807,606 Class B units.

 

Production

 

Second
quarter 2026 average daily production was 25,830 Boe per day (6:1), which was composed of approximately
47% from natural gas (6:1) and approximately 53% from liquids (33% from oil and 20% from NGLs).

 

Operational
Update

 

As of June 30,
2026, Kimbell’s major properties had 1,016 gross (3.98 net) DUCs and 776 gross (3.41 net) permitted locations on its acreage. In
addition, as of June 30, 2026, Kimbell had 91 rigs actively drilling on its acreage, which represents an approximate 16.2% market
share of all land rigs drilling in the continental United States as of such time.

 

 
 Basin 
 Gross DUCs as of
 June 30, 2026(1)  
 Gross Permits as of
 June 30, 2026(1)  
 Net DUCs as of June 30, 2026(1)  
 Net Permits as of
 June 30, 2026(1) 

 
 Permian 
  716  
  567  
  2.60  
  2.43 

 
 Eagle Ford 
  52  
  19  
  0.33  
  0.16 

 
 Haynesville 
  70  
  16  
  0.40  
  0.18 

 
 Mid-Continent 
  108  
  74  
  0.52  
  0.41 

 
 Bakken 
  65  
  87  
  0.09  
  0.18 

 
 Appalachia 
  5  
  2  
  0.04  
  0.00 

 
 Rockies 
  0  
  11  
  0.00  
  0.05 

 
 Total 
  1,016  
  776  
  3.98  
  3.41 

 

 

 

(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 15% to Kimbell's net inventory.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 5

 

 

Hedging Update

 

The following provides
information concerning Kimbell’s hedge book as of June 30, 2026:

 

 
 Fixed Price Swaps as of June 30, 2026 

 
    
    
    
 Weighted Average 

 
    
 Volumes  
 Fixed Price 

 
    
 Oil  
 Nat Gas  
 Oil  
 Nat Gas 

 
    
 BBL  
 MMBTU  
 $/BBL  
 $/MMBTU 

 
 3Q 2026  
  150,144  
  1,324,800  
 $66.60  
 $3.42 

 
 4Q 2026  
  150,144  
  1,324,800  
 $63.33  
 $3.94 

 
 1Q 2027  
  151,470  
  1,321,920  
 $63.75  
 $4.46 

 
 2Q 2027  
  153,153  
  1,336,608  
 $61.57  
 $3.47 

 
 3Q 2027  
  154,836  
  1,351,296  
 $61.90  
 $3.76 

 
 4Q 2027  
  154,836  
  1,351,296  
 $58.06  
 $4.02 

 
 1Q 2028  
  148,512  
  1,336,608  
 $70.35  
 $4.35 

 
 2Q 2028  
  159,159  
  1,360,086  
 $65.30  
 $3.15 

 

 

Conference Call

 

Kimbell
Royalty Partners will host a conference call and webcast today at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss
second quarter 2026 results. To access the call live by phone, dial 201-389-0869 and ask for the Kimbell Royalty Partners call at least
10 minutes prior to the start time. A telephonic replay will be available through August 14, 2026 by dialing 201-612-7415 and using
the conference ID 13761039#. A webcast of the call will also be available live and for later replay on Kimbell’s website at
http://kimbellrp.investorroom.com under the Events and Presentations tab.

 

Presentation

 

On August 7,
2026, Kimbell posted an updated investor presentation on its website. The presentation may be found at http://kimbellrp.investorroom.com
under the Events and Presentations tab. Information on Kimbell’s website does not constitute a portion of this news release.

 

About Kimbell Royalty Partners, LP

 

Kimbell
(NYSE: KRP) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas. Kimbell owns mineral and royalty interests
in over 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in
approximately 135,000 gross wells. To learn more, visit http://www.kimbellrp.com.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 6

 

 

Forward-Looking Statements

 

This news release
includes forward-looking statements, in particular statements relating to Kimbell’s financial, operating and production results
and prospects for growth (including financial and operational guidance), drilling inventory, growth potential, identified locations and
all other estimates and predictions resulting from Kimbell’s portfolio review, the tax treatment of Kimbell's distributions, changes
in Kimbell’s capital structure, future natural gas and other commodity prices and changes to supply and demand for oil, natural
gas and NGLs. These and other forward-looking statements involve risks and uncertainties, including risks that the anticipated benefits
of acquisitions are not realized and uncertainties relating to Kimbell’s business, prospects for growth and acquisitions and the
securities markets generally, as well as risks inherent in oil and natural gas drilling and production activities, including risks with
respect to potential declines in prices for oil and natural gas that could result in downward revisions to the value of proved reserves
or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which would
adversely impact cash flow, risks relating to the impairment of oil and natural gas properties, risk related to changes in U.S. trade
policy and the impact of tariffs, risks relating to the availability of capital to fund drilling operations that can be adversely affected
by adverse drilling results, production declines and declines in oil and natural gas prices, risks relating to Kimbell’s ability
to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance, risks
relating to Kimbell’s hedging activities, risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected
formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production
or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion
of drilling operations, risks relating to delays in receipt of drilling permits, risks relating to unexpected adverse developments in
the status of properties, risks relating to borrowing base redeterminations by Kimbell’s lenders, risks relating to the absence
or delay in receipt of government approvals or third-party consents, risks relating to acquisitions, dispositions and drop downs of assets,
risks relating to Kimbell's ability to realize the anticipated benefits from and to integrate acquired assets, including the Acquired
Production, risks relating to tax matters and other risks described in Kimbell's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission (the “SEC”), available at the SEC's website at www.sec.gov. You are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Except as required
by law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances
occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other
cautionary statements in Kimbell's filings with the SEC.

 

Contact:

 

Rick Black

Dennard Lascar
Investor Relations

[email protected]

(713) 529-6600

 

– Financial
statements follow –

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 7

 

 

Kimbell Royalty
Partners, LP

Condensed Consolidated Balance
Sheet

(Unaudited, in thousands)

 

 
   
 June 30, 

 
   
 2026 

 
 Assets: 
    

 
 Current assets 
    

 
 Cash and cash equivalents 
 $44,931 

 
 Oil, natural gas and NGL receivables 
  53,685 

 
 Derivative assets 
  292 

 
 Accounts receivable and other current assets 
  1,886 

 
 Total current assets 
  100,794 

 
 Property and equipment, net 
  655 

 
 Oil and natural gas properties 
    

 
 Oil and natural gas properties (full cost method) 
  2,417,589 

 
 Less: accumulated depreciation, depletion and impairment 
  (1,207,591)

 
 Total oil and natural gas properties, net 
  1,209,998 

 
 Right-of-use assets, net 
  4,424 

 
 Derivative assets 
  984 

 
 Loan origination costs, net 
  9,362 

 
 Total assets 
 $1,326,217 

 
 Liabilities, mezzanine equity and unitholders' equity: 
    

 
 Current liabilities 
    

 
 Accounts payable 
 $4,051 

 
 Other current liabilities 
  8,789 

 
 Derivative liabilities 
  961 

 
 Total current liabilities 
  13,801 

 
 Operating lease liabilities, excluding current portion 
  4,238 

 
 Derivative liabilities 
  749 

 
 Long-term debt 
  478,700 

 
 Total liabilities 
  497,488 

 
 Commitments and contingencies 
    

 
 Mezzanine equity: 
    

 
 Series A preferred units 
  159,184 

 
 Kimbell Royalty Partners, LP unitholders' equity: 
    

 
 Common units 
  575,049 

 
 Class B units 
  802 

 
 Total Kimbell Royalty Partners, LP unitholders' equity 
  575,851 

 
 Non-controlling interest in OpCo 
  93,694 

 
 Total unitholders' equity 
  669,545 

 
 Total liabilities, mezzanine equity and unitholders' equity 
 $1,326,217 

 

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 8

 

 

Kimbell Royalty
Partners, LP

Condensed Consolidated Statements
of Operations

(Unaudited, in thousands, except
per-unit data and unit counts)

 

 
   
 Three Months
 Ended  
 Three Months
 Ended 

 
   
 June 30, 2026  
 June 30, 2025 

 
 Revenue 
     
    

 
 Oil, natural gas and NGL revenues 
 $103,046  
 $74,695 

 
 Lease bonus and other income 
  3,319  
  2,514 

 
 Gain on commodity derivative instruments, net 
  6,112  
  9,339 

 
 Total revenues 
  112,477  
  86,548 

 
 Costs and expenses 
     
    

 
 Production and ad valorem taxes 
  8,207  
  5,715 

 
 Depreciation and depletion expense 
  30,206  
  30,458 

 
 Marketing and other deductions 
  4,163  
  3,016 

 
 General and administrative expense 
  10,220  
  9,573 

 
 Total costs and expenses 
  52,796  
  48,762 

 
 Operating income 
  59,681  
  37,786 

 
 Other expense 
     
    

 
 Interest expense 
  (8,404) 
  (8,947)

 
 Net income before income taxes 
  51,277  
  28,839 

 
 Income tax expense 
  3,978  
  2,167 

 
 Net income 
  47,299  
  26,672 

 
 Distribution and accretion on Series A preferred units 
  (2,628) 
  (24,337)

 
 Net income attributable to non-controlling interests 
  (6,251) 
  (314)

 
 Distributions to Class B unitholders 
  (9) 
  (14)

 
 Net income attributable to common units of Kimbell Royalty Partners, LP 
 $38,411  
 $2,007 

 
   
     
    

 
 Basic 
 $0.40  
 $0.02 

 
 Diluted 
 $0.40  
 $0.02 

 
 Weighted average number of common units outstanding 
     
    

 
 Basic 
  96,306,888  
  91,170,092 

 
 Diluted 
  118,876,199  
  122,924,241 

 

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 9

 

 

Kimbell Royalty
Partners, LP
Supplemental Schedules

 

NON-GAAP
FINANCIAL MEASURES

 

Adjusted
EBITDA, Cash G&A and Cash G&A per Boe are used as supplemental non-GAAP financial measures by management and external users of
Kimbell’s financial statements, such as industry analysts, investors, lenders and rating agencies.  Kimbell believes Adjusted
EBITDA is useful because it allows us to more effectively evaluate Kimbell’s operating performance and compare the results of Kimbell’s
operations period to period without regard to its financing methods or capital structure.  In addition, management uses Adjusted
EBITDA to evaluate cash flow available to pay distributions to Kimbell’s unitholders.  Kimbell defines Adjusted EBITDA as
net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties,
non-cash unit-based compensation and unrealized gains and losses on derivative instruments.  Adjusted EBITDA is not a measure of
net income (loss) or net cash provided by operating activities as determined by GAAP.  Kimbell excludes the items listed above from
net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within Kimbell’s
industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. 
Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance,
such as a company's cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components
of Adjusted EBITDA.  Adjusted EBITDA should not be considered an alternative to net income, oil, natural gas and natural gas liquids
revenues, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance
with GAAP.  Kimbell’s computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. 
Kimbell expects that cash available for distribution for each quarter will generally equal its Adjusted EBITDA for the quarter, less
cash needed for debt service and other contractual obligations, tax obligations, and fixed charges and reserves for future operating
or capital needs that the Board of Directors may determine is appropriate.

 

Kimbell
believes Cash G&A and Cash G&A per Boe are useful metrics because they isolate cash costs within overall G&A expense and
measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy
sector. Cash G&A is defined as general and administrative expenses less unit-based compensation expense. Cash G&A per Boe is
defined as Cash G&A divided by total production for a period. Cash G&A should not be considered an alternative to G&A expense
presented in accordance with GAAP. Kimbell’s computations of Cash G&A and Cash G&A per Boe may not be comparable to other
similarly titled measures of other companies.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 10

 

 

 
 Kimbell
 Royalty Partners, LP

 
 Supplemental
 Schedules

 
 (Unaudited,
 in thousands)

 
 

 
   
 Three Months
 Ended  
 Three Months
 Ended 

 
   
 June 30, 2026  
 June 30, 2025 

 
 Reconciliation of net cash provided by operating activities to Adjusted EBITDA and cash available for distribution 
     
    

 
 Net cash provided by operating activities 
 $68,304  
 $72,321 

 
 Interest expense 
  8,404  
  8,947 

 
 Income tax expense 
  3,978  
  2,167 

 
 Amortization of right-of-use assets 
  (92) 
  (86)

 
 Amortization of loan origination costs 
  (505) 
  (579)

 
 Unit-based compensation 
  (4,342) 
  (4,124)

 
 Gain on derivative instruments, net of settlements 
  9,322  
  8,524 

 
 Changes in operating assets and liabilities: 
     
    

 
   Oil, natural gas and NGL receivables 
  8,157  
  (13,009)

 
   Accounts receivable and other current assets 
  (105) 
  (792)

 
   Accounts payable 
  (1,152) 
  3 

 
   Other current liabilities 
  (2,171) 
  (5,208)

 
   Operating lease liabilities 
  89  
  80 

 
 Consolidated EBITDA 
 $89,887  
 $68,244 

 
 Add: 
     
    

 
 Unit-based compensation 
  4,342  
  4,124 

 
 Gain on derivative instruments, net of settlements 
  (9,322) 
  (8,524)

 
 Consolidated Adjusted EBITDA 
 $84,907  
 $63,844 

 
 Adjusted EBITDA attributable to non-controlling interest 
  (11,882) 
  (8,576)

 
 Adjusted EBITDA attributable to Kimbell Royalty Partners, LP 
 $73,025  
 $55,268 

 
   
     
    

 
 Adjustments to reconcile Adjusted EBITDA to cash available for distribution 
     
    

 
 Less: 
     
    

 
 Cash interest expense 
  6,776  
  5,810 

 
 Cash distribution to Series A preferred unitholders 
  2,091  
  2,104 

 
 Cash income tax expense 
  4,167  
  219 

 
 Distribution to Class B unitholders 
  9  
  14 

 
 Cash available for distribution on common units 
 $59,982  
 $47,121 

 

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 11

 

 

Kimbell
Royalty Partners, LP

Supplemental Schedules

(Unaudited, in thousands, except
for per-unit data and unit counts)

 

 
   
 Three Months
 Ended 

 
   
 June 30, 2026 

 
 Net income 
 $47,299 

 
 Depreciation and depletion expense 
  30,206 

 
 Interest expense 
  8,404 

 
 Income tax expense 
  3,978 

 
 Consolidated EBITDA 
 $89,887 

 
 Unit-based compensation 
  4,342 

 
 Gain on derivative instruments, net of settlements 
  (9,322)

 
 Consolidated Adjusted EBITDA 
 $84,907 

 
 Adjusted EBITDA attributable to non-controlling interest 
  (11,882)

 
 Adjusted EBITDA attributable to Kimbell Royalty Partners, LP 
 $73,025 

 
   
    

 
 Adjustments to reconcile Adjusted EBITDA to cash available  for distribution 
    

 
 Less: 
    

 
 Cash interest expense 
  6,776 

 
 Cash distribution to Series A preferred unitholders 
  2,091 

 
 Cash income tax expense 
  4,167 

 
 Distribution to Class B unitholders 
  9 

 
 Cash available for distribution on common units 
 $59,982 

 
   
    

 
 Common units outstanding on June 30, 2026 
  98,652,268 

 
   
    

 
 Common units outstanding on August 17, 2026 Record Date 
  100,895,984 

 
   
    

 
 Cash available for distribution per common unit outstanding 
 $0.59 

 
   
    

 
 Second quarter 2026 distribution declared (1) 
 $0.47 

 

 

(1)  The
difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating
25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit
facility. Additionally, Kimbell utilized approximately $1.4 million of cash flows expected to be received from the Q2
2026 Acquired Production from June 1, 2026 to June 21, 2026, to pay outstanding borrowings under its credit facility and to
distribute the additional cash flows to common unitholders. Revenues, production and other financial and operating
results from the Q2 2026 acquisition will be reflected in Kimbell's condensed consolidated financial statements from June 22, 2026
onward. Furthermore, ownership percentages used to allocate Adjusted EBITDA reflect relative OpCo unit ownership as of June 30, 2026
(common 86%, NCI 14%). Subsequent to quarter-end, holders exchanged 2,243,716 OpCo units/class B units for an equal
number of common units. Dividends on common units are determined on the record date. As a result, as of the
distribution record date of August 17, 2026, the Company’s economic ownership of OpCo is expected to be approximately 88% and
the NCI is 12%.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 12

 

 

Kimbell Royalty
Partners, LP

Supplemental Schedules

(Unaudited, in thousands, except
for per-unit data and unit counts)

 

 
   
 Three Months
 Ended 

 
   
 June 30, 2025 

 
 Net income 
 $26,672 

 
 Depreciation and depletion expense 
  30,458 

 
 Interest expense 
  8,947 

 
 Income tax expense 
  2,167 

 
 Consolidated EBITDA 
 $68,244 

 
 Unit-based compensation 
  4,124 

 
 Gain on derivative instruments, net of settlements 
  (8,524)

 
 Consolidated Adjusted EBITDA 
 $63,844 

 
 Adjusted EBITDA attributable to non-controlling interest 
  (8,576)

 
 Adjusted EBITDA attributable to Kimbell Royalty Partners, LP 
 $55,268 

 
   
    

 
 Adjustments to reconcile Adjusted EBITDA to cash available  for distribution 
    

 
 Less: 
    

 
 Cash interest expense 
  5,810 

 
 Cash distribution to Series A preferred unitholders 
  2,104 

 
 Cash income tax expense 
  219 

 
 Distribution to Class B unitholders 
  14 

 
 Cash available for distribution on common units 
 $47,121 

 
   
    

 
 Common units outstanding on June 30, 2025 
  93,396,488 

 
   
    

 
 Common units outstanding on August 18, 2025 Record Date 
  93,396,488 

 
   
    

 
 Cash available for distribution per common unit outstanding 
 $0.50 

 
   
    

 
 Second quarter 2025 distribution declared (1) 
 $0.38 

 

 

(1)  The difference between the declared distribution and the cash available for distribution is primarily attributable to Kimbell allocating 25% of cash available for distribution to pay outstanding borrowings under its secured revolving credit facility.

 

  

 
Kimbell Royalty Partners, LP – News Release
Page 13

 

 

 
 Kimbell
 Royalty Partners, LP

 
 Supplemental
 Schedules

 
 (Unaudited,
 in thousands)

 
 

 
   
 Three Months
 Ended 

 
   
 June 30, 2026 

 
 Net income 
 $47,299 

 
 Depreciation and depletion expense 
  30,206 

 
 Interest expense 
  8,404 

 
 Income tax expense 
  3,978 

 
 Consolidated EBITDA 
 $89,887 

 
 Unit-based compensation 
  4,342 

 
 Gain on derivative instruments, net of settlements 
  (9,322)

 
 Consolidated Adjusted EBITDA 
 $84,907 

 
   
    

 
 Q3 2025 - Q1 2026 Consolidated Adjusted EBITDA (1) 
  215,462 

 
 Trailing Twelve Month Consolidated Adjusted EBITDA 
 $300,369 

 
   
    

 
 Long-term debt (as of 6/30/26) 
  478,700 

 
 Cash and cash equivalents (as of 6/30/26) 
  (44,931)

 
 Net debt (as of 6/30/26) 
 $433,769 

 
   
    

 
 Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA 
  1.4x

 

 

(1)  Consolidated
Adjusted EBITDA for each of the quarters ended September 30, 2025, December 31, 2025 and March 31, 2026 was previously reported in a
news release relating to the applicable quarter, and the reconciliation of net income to consolidated Adjusted EBITDA for each
quarter is included in the applicable news release. This also includes the trailing twelve months pro forma results from the Q2 2026
acquisition that closed in June 2026 in accordance with Kimbell's secured revolving credit facility.