Kimbell Royalty Partners (KRP) investor relations material

Executive summary

• Q1 2026 production reached 25,522 Boe/d, exceeding guidance midpoint, supported by robust drilling activity and a diversified, low-decline production base, with 85 active rigs representing 16% of U.S. land rigs.

• Oil, natural gas, and NGL revenues totaled $82.9 million; net income was $6.9 million, with $4.0 million attributable to common units.

• Declared a Q1 2026 distribution of $0.41 per common unit, up 11% from Q4 2025, with an annualized yield of 10.6–11.2%; 72% of the distribution is expected to be a return of capital.

• Repurchased and cancelled 500,000 common units for $7.3 million during the quarter; $100 million repurchase program authorized, with $14.7 million spent by April 2026.

• Maintains a diversified asset base with interests in over 133,000 wells across 17 million acres and a history of significant M&A activity.

Financial highlights

• Adjusted EBITDA was $68.0 million for Q1 2026; run-rate production was 25,522 Boe/d.

• General and administrative expenses were $9.4 million, with cash G&A at $5.3 million ($2.31/BOE), below guidance.

• Net income attributable to common units was $4.0 million, or $0.04 per unit.

• Cash available for distribution on common units was $53.0 million; cash available per unit was $0.54.

• Market capitalization was $1.66 billion, with total debt of $440.9 million and net debt of $403.7 million.

Outlook and guidance

• Affirmed 2026 financial and operational guidance, with FY 2026 net production targeted at 24.0–27.0 Mboe/d.

• Expects higher oil prices to support increased activity, especially in oil-weighted basins, and anticipates accelerated DUC completions.

• Estimated payout ratio of 75% and annualized cash distribution yield ranging from 9.6% to 15.2% depending on commodity prices.

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

• Sees potential upside to guidance if current commodity strength persists.