Kimbell Royalty第二季收入增30%至1.12億美元 完成1.46億美元收購

Kimbell Royalty Partners, LP_June 30, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the quarterly period ended June 30, 2026
OR

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☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the transition period from to 

Commission file number: 001-38005

Kimbell Royalty Partners, LP
(Exact name of registrant as specified in its charter)

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Delaware
(State or other jurisdiction of
incorporation or organization)
1311
(Primary Standard Industrial
Classification Code Number)
47-5505475
(I.R.S. Employer
Identification No.)

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777 Taylor Street, Suite 810
Fort Worth, Texas 76102
(817) 945-9700
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
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Title of each class: 
Trading symbol(s)
Name of exchange on which registered:

Common Units Representing Limited Partner Interests
KRP
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer

☒

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Accelerated filer

☐

Non-accelerated filer

☐

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Smaller reporting company

☐

Emerging growth company

☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2026, the registrant had outstanding 100,895,984 common units representing limited partner interests and 13,807,606 Class B units representing limited partner interests.
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KIMBELL ROYALTY PARTNERS, LP
FORM 10-Q
TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
​

Item 1. Consolidated Financial Statements (Unaudited):
1

Consolidated Balance Sheets
1

Consolidated Statements of Operations 
2

Consolidated Statements of Changes in Unitholders’ Equity 
3

Consolidated Statements of Cash Flows 
5

Notes to Consolidated Financial Statements
6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
19

Item 3. Quantitative and Qualitative Disclosures About Market Risk
34

Item 4. Controls and Procedures
35

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PART II – OTHER INFORMATION
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Item 1. Legal Proceedings
35

Item 1A. Risk Factors
36

Item 2. Unregistered Sales of Equity Securities
36 

Item 5. Other Information
36

Item 6. Exhibits 
37

Signatures
38

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i

Table of Contents

PART I – FINANCIAL INFORMATION
​
Item 1. Consolidated Financial Statements (Unaudited)
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KIMBELL ROYALTY PARTNERS, LP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
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June 30, 
​
December 31, 

​
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2026
​
2025

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(In thousands, except unit amounts)

ASSETS
​
​
​
​
​
​

Current assets
​
​
​
​
​
​

Cash and cash equivalents
​
$
 44,931
​
$
 43,977

Oil, natural gas and NGL receivables
​
​
 53,685
​
​
 36,582

Derivative assets
​
​
 292
​
​
 6,504

Accounts receivable and other current assets
​
​
 1,886
​
​
 1,420

Total current assets
​
​
 100,794
​
​
 88,483

Property and equipment, net
​
​
 655
​
​
 629

Oil and natural gas properties
​
​
​
​
​
​

Oil and natural gas properties, using full cost method of accounting ($190,380 and $174,189 excluded from depletion at June 30, 2026 and December 31, 2025, respectively) 
​
​
 2,417,589
​
​
 2,271,470

Less: accumulated depreciation, depletion and impairment
​
​
 (1,207,591)
​
​
 (1,148,157)

Total oil and natural gas properties, net
​
​
 1,209,998
​
​
 1,123,313

Right-of-use assets, net
​
​
 4,424
​
​
 4,606

Derivative assets
​
​
 984
​
​
 2,587

Loan origination costs, net
​
​
 9,362
​
​
 9,722

Total assets
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$
 1,326,217
​
$
 1,229,340

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​
​
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LIABILITIES, MEZZANINE EQUITY AND UNITHOLDERS' EQUITY
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​
​
​
​
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Current liabilities
​
​
​
​
​
​

Accounts payable
​
$
 4,051
​
$
 3,144

Other current liabilities 
​
​
 8,789
​
​
 7,097

Derivative liabilities
​
​
 961
​
​
 —

Total current liabilities 
​
​
 13,801
​
​
 10,241

Operating lease liabilities, excluding current portion
​
​
 4,238
​
​
 4,411

Derivative liabilities
​
​
 749
​
​
 28

Long-term debt
​
​
 478,700
​
​
 441,500

Total liabilities
​
​
 497,488
​
​
 456,180

Commitments and contingencies (Note 16)
​
​
​
​
​
​

Mezzanine equity: 
​
​
​
​
​
​

Series A preferred units (162,500 units issued and outstanding as of June 30, 2026 and December 31, 2025)
​
​
 159,184
​
​
 158,793

Kimbell Royalty Partners, LP unitholders' equity: 
​
​
​
​
​
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Common units (98,652,268 units and 93,396,488 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
​
​
 575,049
​
​
 531,121

Class B units (16,051,322 units and 14,491,540 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
​
​
 802
​
​
 724

Total Kimbell Royalty Partners, LP unitholders' equity 
​
​
 575,851
​
​
 531,845

Non-controlling interest in OpCo
​
​
 93,694
​
​
 82,522

Total unitholders' equity 
​
​
 669,545
​
​
 614,367

Total liabilities, mezzanine equity and unitholders' equity
​
$
 1,326,217
​
$
 1,229,340

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The accompanying notes are an integral part of these consolidated financial statements.

1

Table of Contents

KIMBELL ROYALTY PARTNERS, LP
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended June 30, 
​
Six Months Ended June 30, 

​
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2026
​
2025
​
2026
​
2025

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​
(In thousands, except per unit data)

Revenue
​
​
​
​
​
​
​
​
​
​
​
​

Oil, natural gas and NGL revenues
​
$
 103,046
​
$
 74,695
​
$
 185,931
​
$
 164,646

Lease bonus and other income
​
​
 3,319
​
​
 2,514
​
​
 4,656
​
​
 2,825

Gain (loss) on commodity derivative instruments, net
​
​
 6,112
​
​
 9,339
​
​
 (12,566)
​
​
 3,286

Total revenues
​
​
 112,477
​
​
 86,548
​
​
 178,021
​
​
 170,757

Costs and expenses 
​
​
​
​
​
​
​
​
​
​
​
​

Production and ad valorem taxes
​
​
 8,207
​
​
 5,715
​
​
 14,096
​
​
 11,090

Depreciation and depletion expense
​
​
 30,206
​
​
 30,458
​
​
 59,505
​
​
 61,576

Marketing and other deductions
​
​
 4,163
​
​
 3,016
​
​
 9,331
​
​
 7,518

General and administrative expense
​
​
 10,220
​
​
 9,573
​
​
 19,609
​
​
 19,210

Total costs and expenses
​
​
 52,796
​
​
 48,762
​
​
 102,541
​
​
 99,394

Operating income
​
​
 59,681
​
​
 37,786
​
​
 75,480
​
​
 71,363

Other expense
​
​
​
​
​
​
​
​
​
​
​
​

Interest expense
​
​
 (8,404)
​
​
 (8,947)
​
​
 (16,558)
​
​
 (15,569)

Other expense
​
​
 —
​
​
 —
​
​
 —
​
​
 (12)

Net income before income taxes
​
​
 51,277
​
​
 28,839
​
​
 58,922
​
​
 55,782

Income tax expense
​
​
 3,978
​
​
 2,167
​
​
 4,681
​
​
 3,257

Net income
​
​
 47,299
​
​
 26,672
​
​
 54,241
​
​
 52,525

Distribution and accretion on Series A preferred units
​
​
 (2,628)
​
​
 (24,337)
​
​
 (5,227)
​
​
 (29,540)

Net income and distributions and accretion on Series A preferred units attributable to non-controlling interests
​
​
 (6,251)
​
​
 (314)
​
​
 (6,617)
​
​
 (3,088)

Distribution to Class B unitholders
​
​
 (9)
​
​
 (14)
​
​
 (18)
​
​
 (28)

Net income attributable to common units of Kimbell Royalty Partners, LP
​
$
 38,411
​
$
 2,007
​
$
 42,379
​
$
 19,869

​
​
​
​
​
​
​
​
​
​
​
​
​

Net income per unit attributable to common units of Kimbell Royalty Partners, LP
​
​
​
​
​
​
​
​
​
​
​
​

Basic
​
$
 0.40
​
$
 0.02
​
$
 0.45
​
$
 0.22

Diluted
​
$
 0.40
​
$
 0.02
​
$
 0.45
​
$
 0.22

Weighted average number of common units outstanding
​
​
​
​
​
​
​
​
​
​
​
​

Basic
​
​
 96,307
​
​
 91,170
​
​
 94,725
​
​
 90,430

Diluted
​
​
 118,876
​
​
 122,924
​
​
 118,818
​
​
 125,277

​
The accompanying notes are an integral part of these consolidated financial statements.
​

2

Table of Contents

KIMBELL ROYALTY PARTNERS, LP
CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS’ EQUITY
(Unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Six Months Ended June 30, 2026

​
​
​
​
​
​
​
​
​
​
Non-controlling
​
​

​
  ​ ​
Common Units
  ​ ​
Amount 
  ​ ​
Class B Units
  ​ ​
Amount 
​
Interest
in OpCo
​
Total

​
​
(In thousands)

Balance at January 1, 2026
​
​
 93,396
​
$
 531,121
​
​
 14,492
​
$
 724
​
$
 82,522
​
$
 614,367

Conversion of Class B units to common units
​
​
 5,369
​
​
 30,575
​
​
 (5,369)
​
​
 (268)
​
​
 (30,575)
​
​
 (268)

Restricted units repurchased for tax withholding
​
​
 (330)
​
​
 (5,185)
​
​
 —
​
​
 —
​
​
 —
​
​
 (5,185)

Common units repurchased under buyback program
​
​
 (500)
​
​
 (7,310)
​
​
 —
​
​
 —
​
​
 —
​
​
 (7,310)

Unit-based compensation
​
​
 1,217
​
​
 4,081
​
​
 —
​
​
 —
​
​
 —
​
​
 4,081

Distributions to unitholders
​
​
 —
​
​
 (36,871)
​
​
 —
​
​
 —
​
​
 (3,261)
​
​
 (40,132)

Distribution and accretion on Series A preferred units
​
​
 —
​
​
 (2,380)
​
​
 —
​
​
 —
​
​
 (219)
​
​
 (2,599)

Distribution to Class B unitholders
​
​
 —
​
​
 (9)
​
​
 —
​
​
 —
​
​
 —
​
​
 (9)

Change in ownership of consolidated subsidiaries, net
​
​
 —
​
​
 1,038
​
​
 —
​
​
 —
​
​
 (1,038)
​
​
 —

Net income
​
​
 —
​
​
 6,357
​
​
 —
​
​
 —
​
​
 585
​
​
 6,942

Balance at March 31, 2026
​
​
 99,152
​
​
 521,417
​
​
 9,123
​
​
 456
​
​
 48,014
​
​
 569,887

Class B units issued for acquisition
​
​
 —
​
​
 —
​
​
 6,929
​
​
 346
​
​
 101,856
​
​
 102,202

Common units repurchased under buyback program
​
​
 (500)
​
​
 (7,360)
​
​
 —
​
​
 —
​
​
 —
​
​
 (7,360)

Unit-based compensation
​
​
 —
​
​
 4,342
​
​
 —
​
​
 —
​
​
 —
​
​
 4,342

Distributions to unitholders
​
​
 —
​
​
 (40,448)
​
​
 —
​
​
 —
​
​
 (3,740)
​
​
 (44,188)

Distribution and accretion on Series A preferred units
​
​
 —
​
​
 (2,260)
​
​
 —
​
​
 —
​
​
 (368)
​
​
 (2,628)

Distribution to Class B unitholders
​
​
 —
​
​
 (9)
​
​
 —
​
​
 —
​
​
 —
​
​
 (9)

Change in ownership of consolidated subsidiaries, net
​
​
 —
​
​
 58,687
​
​
 —
​
​
 —
​
​
 (58,687)
​
​
 —

Net income
​
​
 —
​
​
 40,680
​
​
 —
​
​
 —
​
​
 6,619
​
​
 47,299

Balance at June 30, 2026
​
​
 98,652
​
$
 575,049
​
​
 16,052
​
$
 802
​
$
 93,694
​
$
 669,545

​
​

3

Table of Contents

KIMBELL ROYALTY PARTNERS, LP
CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS’ EQUITY — (Continued)
(Unaudited)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Six Months Ended June 30, 2025

​
​
​
​
​
​
​
​
​
​
Non-controlling
​
​

​
  ​ ​
Common Units
  ​ ​
Amount 
  ​ ​
Class B Units
  ​ ​
Amount 
​
Interest
in OpCo
​
Total

​
​
(In thousands)

Balance at January 1, 2025
​
​
 80,970
​
$
 463,496
​
​
 14,524
​
$
 726
​
$
 83,271
​
$
 547,493

Common units issued for equity offering
​
​
 11,500
​
​
 163,575
​
​
 —
​
​
 —
​
​
 —
​
​
 163,575

Unit-based compensation
​
​
 1,213
​
​
 3,861
​
​
 —
​
​
 —
​
​
 —
​
​
 3,861

Restricted units repurchased for tax withholding
​
​
 (315)
​
​
 (5,081)
​
​
 —
​
​
 —
​
​
 —
​
​
 (5,081)

Conversion of Class B units to common units
​
​
 32
​
​
 187
​
​
 (32)
​
​
 (2)
​
​
 (187)
​
​
 (2)

Forfeiture of restricted units
​
​
 (4)
​
​
 (57)
​
​
 —
​
​
 —
​
​
 —
​
​
 (57)

Distributions to unitholders
​
​
 —
​
​
 (37,359)
​
​
 —
​
​
 —
​
​
 (5,796)
​
​
 (43,155)

Distribution and accretion on Series A preferred units
​
​
 —
​
​
 (4,504)
​
​
 —
​
​
 —
​
​
 (699)
​
​
 (5,203)

Distribution to Class B unitholders
​
​
 —
​
​
 (14)
​
​
 —
​
​
 —
​
​
 —
​
​
 (14)

Change in ownership of consolidated subsidiaries, net
​
​
 —
​
​
 (12,253)
​
​
 —
​
​
 —
​
​
 12,253
​
​
 —

Net income
​
​
 —
​
​
 22,380
​
​
 —
​
​
 —
​
​
 3,473
​
​
 25,853

Balance at March 31, 2025
​
​
 93,396
​
​
 594,231
​
​
 14,492
​
​
 724
​
​
 92,315
​
​
 687,270

Unit-based compensation
​
​
 —
​
​
 4,124
​
​
 —
​
​
 —
​
​
 —
​
​
 4,124

Distributions to unitholders
​
​
 —
​
​
 (43,896)
​
​
 —
​
​
 —
​
​
 (6,811)
​
​
 (50,707)

Distribution and accretion on Series A preferred units
​
​
 —
​
​
 (21,068)
​
​
 —
​
​
 —
​
​
 (3,269)
​
​
 (24,337)

Distribution to Class B unitholders
​
​
 —
​
​
 (14)
​
​
 —
​
​
 —
​
​
 —
​
​
 (14)

Change in ownership of consolidated subsidiaries, net
​
​
 —
​
​
 (552)
​
​
 —
​
​
 —
​
​
 552
​
​
 —

Net income
​
​
 —
​
​
 23,089
​
​
 —
​
​
 —
​
​
 3,583
​
​
 26,672

Balance at June 30, 2025
​
​
 93,396
​
$
 555,914
​
​
 14,492
​
$
 724
​
$
 86,370
​
$
 643,008

​
The accompanying notes are an integral part of these consolidated financial statements.
​
​

4

Table of Contents

KIMBELL ROYALTY PARTNERS, LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
​
​

​

​

​

​

​

​

​
​
Six Months Ended June 30, 

​
​
2026
  ​ ​
2025

​
​
(In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES
​
​
​
​
​
​

Net income
​
$
 54,241
​
$
 52,525

Adjustments to reconcile net income to net cash provided by operating activities:
​
​
​
​
​
​

Depreciation and depletion expense
​
​
 59,505
​
​
 61,576

Amortization of right-of-use assets
​
​
 182
​
​
 171

Amortization of loan origination costs
​
​
 1,004
​
​
 1,113

Unit-based compensation
​
​
 8,423
​
​
 7,985

Forfeiture of restricted units
​
​
 —
​
​
 (57)

Loss (gain) on derivative instruments, net of settlements
​
​
 9,497
​
​
 (1,535)

Changes in operating assets and liabilities:
​
​
​
​
​
​

Oil, natural gas and NGL receivables
​
​
 (17,103)
​
​
 (2,065)

Accounts receivable and other current assets
​
​
 (467)
​
​
 809

Accounts payable
​
​
 933
​
​
 (941)

Other current liabilities
​
​
 1,692
​
​
 7,034

Operating lease liabilities
​
​
 (173)
​
​
 (141)

Net cash provided by operating activities
​
​
 117,734
​
​
 126,474

CASH FLOWS FROM INVESTING ACTIVITIES
​
​
​
​
​
​

Purchases of property and equipment
​
​
 (96)
​
​
 (552)

Proceeds from sale of property and equipment
​
​
 —
​
​
 13

Purchase of oil and natural gas properties
​
​
 (44,263)
​
​
 (222,752)

Net cash used in investing activities
​
​
 (44,359)
​
​
 (223,291)

CASH FLOWS FROM FINANCING ACTIVITIES
​
​
​
​
​
​

Common units repurchased under buyback program
​
​
 (14,670)
​
​
 —

Proceeds from equity offering, net of issuance costs
​
​
 —
​
​
 163,575

Contributions from Class B unitholders
​
​
 346
​
​
 —

Redemption of Class B contributions on converted units
​
​
 (268)
​
​
 (2)

Redemption of Series A preferred units
​
​
 —
​
​
 (179,908)

Distribution to common unitholders
​
​
 (77,319)
​
​
 (81,255)

Distribution to OpCo unitholders
​
​
 (7,001)
​
​
 (12,607)

Distribution to Series A preferred unitholders
​
​
 (4,862)
​
​
 (9,710)

Distribution to Class B unitholders
​
​
 (18)
​
​
 (28)

Borrowings on long-term debt
​
​
 65,100
​
​
 254,136

Repayments on long-term debt
​
​
 (27,900)
​
​
 (31,200)

Payment of loan origination costs
​
​
 (644)
​
​
 (747)

Restricted units repurchased for tax withholding
​
​
 (5,185)
​
​
 (5,081)

Net cash (used in) provided by financing activities
​
​
 (72,421)
​
​
 97,173

NET INCREASE IN CASH AND CASH EQUIVALENTS
​
​
 954
​
​
 356

CASH AND CASH EQUIVALENTS, beginning of period
​
​
 43,977
​
​
 34,168

CASH AND CASH EQUIVALENTS, end of period
​
$
 44,931
​
$
 34,524

Supplemental cash flow information:
​
​
​
​
​
​

Cash paid for interest
​
$
 15,561
​
$
 11,391

Cash paid for taxes
​
$
 4,750
​
$
 219

Non-cash investing and financing activities:
​
​
​
​
​
​

Units issued in exchange for oil and natural gas properties
​
$
 101,856
​
$
 —

Deemed distribution to Series A preferred units
​
$
 391
​
$
 673

Distribution on Series A preferred units in accounts payable
​
$
 2,431
​
$
 2,431

Recognition of tenant improvement asset
​
$
 —
​
$
 63

Right-of-use assets obtained in exchange for operating lease liabilities
​
$
 —
​
$
 1,224

The accompanying notes are an integral part of these consolidated financial statements.
​
​
​

5

Table of Contents

KIMBELL ROYALTY PARTNERS, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Unless the context otherwise requires, references to “Kimbell Royalty Partners, LP,” the “Partnership,” or like terms refer to Kimbell Royalty Partners, LP and its subsidiaries. References to the “Operating Company” or “OpCo” refer to Kimbell Royalty Operating, LLC. References to the “General Partner” refer to Kimbell Royalty GP, LLC. References to “Kimbell Operating” refer to Kimbell Operating Company, LLC, a wholly owned subsidiary of the General Partner. References to the “Sponsors” refer to affiliates of the Partnership’s founders, Robert D. Ravnaas, Brett G. Taylor and Mitch S. Wynne, respectively. References to the “Contributing Parties” refer to all entities and individuals, including certain affiliates of the Sponsors, that contributed, directly or indirectly, certain mineral and royalty interests to the Partnership. 
NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION
Organization
Kimbell Royalty Partners, LP is a Delaware limited partnership formed in 2015 to own and acquire mineral and royalty interests in oil and natural gas properties throughout the United States. The Partnership has elected to be taxed as a corporation for United States federal income tax purposes. As an owner of mineral and royalty interests, the Partnership is entitled to a portion of the revenues received from the production of oil, natural gas and associated natural gas liquids (“NGL”) from the acreage underlying its interests, net of post-production expenses and taxes. The Partnership is not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life. The Partnership’s primary business objective is to provide increasing cash distributions to unitholders resulting from acquisitions from third parties, its Sponsors and the Contributing Parties, and from organic growth through the continued development by working interest owners of the properties in which it owns an interest.
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). As a result, the accompanying unaudited interim consolidated financial statements do not include all disclosures required for complete annual financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), which contains a summary of the Partnership’s significant accounting policies and other disclosures. In the opinion of management of the General Partner, the unaudited interim consolidated financial statements contain all adjustments necessary to fairly present the financial position and results of operations for the interim periods in accordance with GAAP and all adjustments are of a normal recurring nature. The accompanying unaudited interim consolidated financial statements include the accounts of the Partnership and its consolidated subsidiaries. All material intercompany balances and transactions are eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
Preparation of the Partnership’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates.
Segment Reporting
The Partnership has one business activity as the owner of mineral and royalty interests and operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (the “CODM”) in deciding how to 

6

Table of Contents

allocate resources and assess performance. The segment participates in activities and derives revenue as described in the organization section on a consolidated basis. The Partnership’s CODM is our Chief Operating Officer.
The CODM assesses performance for the segment and decides how to allocate resources based on net income presented on a consolidated basis, for purposes of allocating resources and evaluating financial performance as presented on the consolidated statement of operations and to make capital allocation decisions such as reinvestment in the business or repurchases under the common unit repurchase program, as discussed in Note 11—Unitholders’ Equity and Partnership Distributions. The CODM uses this measure in the annual budgeting and monthly forecasting process and to evaluate income generated from segment assets to distribute cash to unitholders and deciding whether to reinvest profits for new or existing mineral and royalty interest through acquisitions or organic growth. The measure of segment assets is reported on the balance sheet as total consolidated assets. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
Significant segment expenses of the Partnership include production and ad valorem taxes, depreciation and depletion expense, impairment of oil and natural gas properties, marketing and other deductions, general and administrative expense and interest expense. Other segment items included in net income are income tax expenses and other income (expense) line items. All significant segment expenses and other segment items are presented individually in the consolidated statements of operations.
Global Conflicts and Uncertainties
The recent U.S. military action in Iran has led to regional instability and caused dramatic fluctuations in global financial markets and increased the level of global economic and political uncertainty, including uncertainty about world-wide oil supply and demand, which in turn has increased volatility in commodity prices. To date, the Partnership has not experienced a material adverse impact to operations or the consolidated financial statements as a result of these conflicts; however, the Partnership will continue to monitor for events that could materially impact them. 
President Trump has executed several executive orders, some of which impact the oil and gas industry, and he and others in Congress have indicated the potential for further changes to regulations, many of which could impact the oil and gas industry, as well as the implementation of tariffs on foreign goods and services. It is uncertain at this time to what extent such changes in regulations and tariffs will impact our business. Tariffs on foreign goods and services could result in other countries instituting tariffs on U.S. goods and services, which could impact the demand for and price of commodities, increase the price of supplies and raw materials that we rely on, and could impact interest rates. A changing regulatory environment and domestic or foreign tariffs could ultimately impact our operations and expenses.
NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
For a description of the Partnership’s significant accounting policies, see Note 2 of the consolidated financial statements included in the Partnership’s 2025 Form 10-K. There have been no substantial changes in such policies or the application of such policies during the three and six months ended June 30, 2026. 
​
NOTE 3—REVENUE FROM CONTRACTS WITH CUSTOMERS
The Partnership has the right to receive revenues from oil, natural gas and NGL sales obtained by the operator of the wells in which the Partnership owns a mineral or royalty interest. Revenue is recognized at the point control of the product is transferred to the purchaser. Virtually all of the pricing provisions in the Partnership’s contracts are tied to a market index.
The Partnership’s oil, natural gas and NGL sales contracts are generally structured whereby the producer of the properties in which the Partnership owns a mineral or royalty interest sells the Partnership’s proportionate share of oil, natural gas and NGL production to the purchaser and the Partnership collects its percentage royalty based on the revenue generated by the sale of the oil, natural gas and NGL. In this scenario, the Partnership recognizes revenue when control transfers to the purchaser at the wellhead or at the gas processing facility based on the Partnership’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. 

7

Table of Contents

The following table disaggregates the Partnership’s oil, natural gas and NGL revenues for the following periods:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended June 30, 
​
Six Months Ended June 30, 

​
​
2026
  ​ ​ ​
2025
​
2026
  ​ ​ ​
2025

​
​
(In thousands)

Oil revenue
​
$
 76,118
​
$
 48,827
​
$
 127,098
​
$
 100,762

Natural gas revenue
​
​
 13,676
​
​
 15,293
​
​
 34,286
​
​
 40,931

NGL revenue
​
​
 13,252
​
​
 10,575
​
​
 24,547
​
​
 22,953

Total Oil, natural gas and NGL revenues
​
$
 103,046
​
$
 74,695
​
$
 185,931
​
$
 164,646

​
NOTE 4—ACQUISITIONS
On June 22, 2026, the Partnership completed the acquisition of mineral and royalty interests from Mesa Visa Royalties, LLC and certain of its affiliates (the “Mesa Acquisition) in a transaction valued at approximately $146.1 million, including transaction costs and certain customary post-closing adjustments. The aggregate consideration for the Mesa Acquisition consisted of approximately $44.0 million in cash and the issuance of 6,929,000 common units representing limited liability company interests in OpCo (“OpCo common units”) and an equal number of Class B units representing limited partner interests in Kimbell (“Class B units”). The Partnership funded the cash consideration of the purchase price with borrowings under its secured revolving credit facility. The oil and gas properties are located in Loving, Ward, Upton, Howard, Glasscock, Martin, Winkler, Culberson, Midland, Pecos, Borden, Reagan, Reeves and Dawson Counties, Texas, and Eddy and Lea Counties, New Mexico. The Mesa Acquisition was accounted for as an asset acquisition and the allocation of the purchase price was $73.1 million to proved developed properties and $73.0 million to unevaluated properties.
On January 17, 2025, the Partnership completed the acquisition of mineral and royalty interests from Boren Minerals (the “Boren Acquisition”) in a transaction valued at approximately $230.4 million, including transaction costs and certain customary post-closing adjustments. The Partnership funded the cash consideration of the purchase price with borrowings under its secured revolving credit facility and net proceeds from the 2025 Equity Offering (as defined in Note 11). The oil and gas properties acquired are located under the Mabee Ranch in the Midland Basin in Texas. The Boren Acquisition was accounted for as an asset acquisition and the allocation of the purchase price was $94.9 million to proved developed properties and $127.8 million to unevaluated properties.
​
NOTE 5—DERIVATIVES
The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts and other contractual arrangements. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. 
As of June 30, 2026, the Partnership’s commodity derivative contracts consisted of fixed price swaps, under which the Partnership receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume.
The Partnership’s oil fixed price swap transactions are settled based upon the average daily prices for the calendar month of the contract period, and its natural gas fixed price swap transactions are settled based upon the last scheduled trading day of the first nearby month futures contract corresponding to the relevant contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month. Changes in the fair values of the Partnership’s commodity derivative instruments are recognized as gains or losses in the current period and are presented on a net basis within revenue in the accompanying unaudited interim consolidated statements of operations.

8

Table of Contents

The Partnership has not designated any of its derivative contracts as hedges for accounting purposes. Changes in the fair value consisted of the following:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Three Months Ended June 30, 
​
Six Months Ended June 30, 

​
​
2026
​
2025
​
2026
​
2025

​
​
(In thousands)

Beginning fair value of derivative instruments
​
$
 (9,756)
​
$
 (5,154)
​
$
 9,063
​
$
 1,836

Gain (loss) on commodity derivative instruments, net
​
​
 6,112
​
​
 9,339
​
​
 (12,566)
​
​
 3,286

Net cash paid (received) on settlements of derivative instruments
​
​
 3,210
​
​
 (814)
​
​
 3,069
​
​
 (1,751)

Ending fair value of derivative instruments
​
$
 (434)
​
$
 3,371
​
$
 (434)
​
$
 3,371

​
The following table presents the fair value of the Partnership’s derivative contracts for the periods indicated: 
​
​

​

​

​

​

​

​

​

​

​
​
​
​
June 30, 
​
December 31, 

Classification
​
Balance Sheet Location
​
2026
​
2025

​
​
​
​
(In thousands)

Assets:
​
​
​
​
​
​
​
​

Current assets
​
Derivative assets
​
$
 292
​
$
 6,504

Long-term assets
​
Derivative assets
​
​
 984
​
​
 2,587

Liabilities: 
​
​
​
​
​
​
​
​

Current liabilities
​
Derivative liabilities 
​
​
 (961)
​
​
 —

Long-term liabilities
​
Derivative liabilities 
​
​
 (749)
​
​
 (28)

​
​
​
​
$
 (434)
​
$
 9,063

​
As of June 30, 2026, the Partnership’s open commodity derivative contracts consisted of the following:
Oil Price Swaps
​

​

​

​

​

​

​

​

​

​

​

​

​
​
Notional
​
Weighted Average
​
Range (per Bbl)

​
​
Volumes (Bbl)
​
Fixed Price (per Bbl)
​
​
Low
​
High

July 2026 - December 2026
​
 300,288
​
$
 64.97
​
$
 63.33
​
$
 66.60

January 2027 - December 2027
​
 614,295
​
$
 61.31
​
$
 58.06
​
$
 63.75

January 2028 - June 2028
​
 307,671
​
$
 67.74
​
$
 65.30
​
$
 70.35

Natural Gas Price Swaps
​

​

​

​

​

​

​

​

​

​

​

​

​
​
Notional
​
Weighted Average
​
Range (per MMBtu)

​
​
Volumes (MMBtu)
​
Fixed Price (per MMBtu)
​
Low
​
High

July 2026 - December 2026
​
 2,649,600
​
$
 3.68
​
$
 3.42
​
$
 3.94

January 2027 - December 2027
​
 5,361,120
​
$
 3.93
​
$
 3.47
​
$
 4.46

January 2028 - June 2028
​
 2,696,694
​
$
 3.74
​
$
 3.15
​
$
 4.35

​
NOTE 6—FAIR VALUE MEASUREMENTS
The Partnership measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, oil, natural gas and NGL receivables, accounts receivable and other current assets and current and long-term liabilities included in the unaudited interim consolidated balance sheets approximated fair value as of June 30, 2026 and December 31, 2025 due to their short-term duration and variable interest rates that approximate prevailing interest rates as of each reporting period. As a result, these financial assets and liabilities are not discussed below.
●Level 1— Unadjusted quoted market prices for identical assets or liabilities in active markets.
●Level 2—Quoted prices for similar assets or liabilities in non-active markets, or inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

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Table of Contents

●Level 3—Measurement based on prices or valuations models that require inputs that are both unobservable and significant to the fair value measurement (including the Partnership’s own assumptions in determining fair value).

Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Partnership recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred. The Partnership did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the three and six months ended June 30, 2026 and 2025.
The Partnership’s commodity derivative instruments are classified within Level 2. The fair values of the Partnership’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets.
The following tables summarize the Partnership’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Fair Value Measurements Using 
​
​
​
​
​
​

​
​
Level 1
​
Level 2
​
Level 3
​
Effect of
Counterparty Netting
​
Total

​
​
(In thousands)

June 30, 2026
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Assets
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Commodity derivative contracts
​
$
 —
​
$
 4,238
​
$
 —
​
$
 (2,962)
​
$
 1,276

Liabilities
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Commodity derivative contracts
​
$
 —
​
$
 (4,672)
​
$
 —
​
$
 2,962
​
$
 (1,710)

December 31, 2025
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Assets
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Commodity derivative contracts
​
$
 —
​
$
 9,686
​
$
 —
​
$
 (595)
​
$
 9,091

Liabilities
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Commodity derivative contracts
​
$
 —
​
$
 (623)
​
$
 —
​
$
 595
​
$
 (28)

​

10

Table of Contents

NOTE 7—OIL AND NATURAL GAS PROPERTIES
Oil and natural gas properties consist of the following:
​
​

​

​

​

​

​

​

​
  ​ ​ ​
June 30, 
​
December 31, 

​
​
2026
​
2025

​
​
(In thousands)

Oil and natural gas properties
​
​
​
​
​
​

Proved properties
​
$
 2,227,209
​
$
 2,097,281

Unevaluated properties
​
​
 190,380
​
​
 174,189

Less: accumulated depreciation, depletion and impairment
​
​
 (1,207,591)
​
​
 (1,148,157)

Total oil and natural gas properties
​
$
 1,209,998
​
$
 1,123,313

​
​
​
​
​
​
​

Costs not subject to depletion
​
​
​
​
​
​

Incurred in 2026
​
$
 72,441
​
​
​

Incurred in 2025
​
​
 98,279
​
​
​

Incurred in 2024
​
​
 —
​
​
​

Prior
​
​
 19,660
​
​
​

Total costs not subject to depletion
​
$
 190,380
​
​
​

​
The net capitalized costs of proved oil and natural gas properties are subject to a full-cost ceiling limitation for which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%. Unevaluated properties are assessed on a periodic basis for possible impairment based on the following factors, among others: economic and market conditions, operators’ intent to drill, remaining lease term, geological and geophysical evaluations, operators’ drilling results and activity, the assignment of proved reserves and the economic viability of operator development if proved reserves are assigned. Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved developed reserves is able to be made. During any period in which these factors indicate an impairment, all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization and to the full-cost ceiling test. 
The Partnership did not record an impairment on its oil and natural gas properties for the three and six months ended June 30, 2026 and 2025. 
Depletion expense for the three months ended June 30, 2026 and 2025 was $30.2 million and $30.4 million, respectively, and the average depletion rate per barrel was $12.84 and $13.16, respectively. Depletion expense for the six months ended June 30, 2026 and 2025 was $59.4 million and $61.4 million, respectively, and the average depletion rate per barrel was $12.79 and $13.34, respectively.
NOTE 8—LEASES
The Partnership is the lessee on a lease of administrative office space used for its operations. The Partnership does not have any material lessor arrangements. Substantially all the Partnership’s leases are long-term operating leases with fixed payment terms and will terminate in February 2035. 
The Partnership’s right-of-use (“ROU”) operating lease assets represent its right to use an underlying asset for the lease term, and its operating lease liabilities represent its obligation to make lease payments. ROU operating lease assets and operating lease liabilities are included in the accompanying unaudited interim consolidated balance sheets. Short-term operating lease liabilities are included in other current liabilities. The weighted average remaining lease term as of June 30, 2026 is 8.59 years.
Both the ROU operating lease assets and liabilities are recognized at the present value of the remaining lease payments over the lease term and do not include lease incentives. The Partnership’s leases do not provide an implicit rate that can readily be determined; therefore, the Partnership used a discount rate based on its incremental borrowing rate, which is determined by the information available in the secured revolving credit facility. The incremental borrowing rate reflects the estimated rate of intere