Kimbell Royalty Partners, LP

Listed Company

KRPCIK 0001657788NYSEEmerging GrowthCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

$333.83M

Net Income

$99.65M

Total Assets

$1.23B

Equity

—

Shares Out

26.84M

Op. Cash Flow

$246.46M

Business

Kimbell Royalty Partners, LP owns and acquires mineral and royalty interests in oil and natural gas properties across the United States. It receives cost‑free royalty and overriding royalty payments from production of oil, natural gas and natural gas liquids, without funding drilling, completion or abandonment costs. The business is organized around mineral and nonparticipating royalty interests and overriding royalty interests, and it uses management services agreements for operations and administration. Its assets span 28 states and every major onshore U.S. basin, with distribution through numerous third‑party operators and purchasers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain (loss) on commodity derivative instruments, net	12	−1	21	−37	−43
Total revenues	334	309	294	248	136
Production and ad valorem taxes	20	20	20	16	10
Depreciation and depletion expense	125	135	96	50	37
Impairment of oil and natural gas properties	0	62	18	0	0
Marketing and other deductions	16	16	13	13	12
General and administrative expense	40	39	36	29	27
Total costs and expenses	201	272	184	111	86
Operating income	133	37	110	137	49
Interest expense	−34	−27	−26	−14	—
Loss on extinguishment of debt	—	—	−480,000	—	—
Other expense	−12,000	—	−181,000	4	1
Net income before income taxes	98	10	87	134	43
Income tax (benefit) expense	−1	−800,000	4	3	74,100
Net income	100	11	83	131	42
Distribution and accretion on Series A preferred units	−35	−21	−6	—	−11
Net (income) loss and distributions and accretion on Series A preferred units attributable to non-controlling interests	−9	1	−16	−19	−8
Distribution to Class B unitholders	−58,000	−72,000	−89,000	−42,243	−76,780
Net income (loss) attributable to common units of Kimbell Royalty Partners, LP	56	−9	60	112	23
Net income per unit attributable to common units Kimbell Royalty Partners, LP (basic) (in dollar per share)	0.62	−0.12	0.93	1.75	0.56
Net income per unit attributable to common units Kimbell Royalty Partners, LP (diluted) (in dollar per share)	0.62	−0.12	0.91	1.72	0.51
Weighted average number of common units outstanding Basic (in units)	91	76	67	54	40
Weighted average number of common units outstanding Diluted (in units)	121	116	93	66	61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	44	34	31	25	7
Oil, natural gas and NGL receivables	37	46	59	47	35
Derivative assets	7	2	11	—	166,307
Accounts receivable and other current assets	1	3	2	4	3
Total current assets	88	85	103	75	45
Property and equipment, net	629,000	267,000	589,895	953,781	2
Oil and natural gas properties, using full cost method of accounting ($174,189 and $115,200 excluded from depletion at December 31, 2025 and December 31, 2024, respectively)	2,271	2,049	2,049	1,466	1,204
Less: accumulated depreciation, depletion and impairment	−1,148	−1,024	−827	−713	−664
Total oil and natural gas properties, net	1,123	1,025	1,222	753	541
Right-of-use assets, net	5	4	2	3	3
Derivative assets	3	566,000	3	754,786	2
Loan origination costs, net	10	5	7	3	4
Total assets	1,229	1,120	1,338	1,077	601
Accounts payable	3	7	7	1	811,019
Other current liabilities	7	6	6	5	3
Derivative liabilities	—	255,000	208,710	13	24
Total current liabilities	10	13	13	19	28
Operating lease liabilities, excluding current portion	4	4	2	2	3
Derivative liabilities	28,000	879,000	60,094	432,142	4
Long-term debt	442	239	294	233	217
Other liabilities	—	73,000	197,917	322,917	447,918
Total liabilities	456	256	309	263	253
Commitments and contingencies (Note 15)	—	—	—	—	—
Series A preferred units (162,500 and 325,000 units issued and outstanding as of December 31, 2025 and 2024, respectively)	159	316	314	—	—
Common units (93,396,488 units and 80,969,651 units issued and outstanding as of December 31, 2025 and 2024, respectively)	531	463	556	602	329
Class B units (14,491,540 units and 14,524,120 units issued and outstanding as of December 31, 2025 and 2024, respectively)	724,000	726,000	1	774,220	880,579
Total Kimbell Royalty Partners, LP unitholders' equity	532	464	557	603	330
Non-controlling interest in OpCo	83	83	157	−26	19
Total unitholders' equity	614	547	714	577	349
Total liabilities, mezzanine equity and unitholders' equity	1,229	1,120	1,338	1,077	601

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of right-of-use assets	348,000	349,000	336,000	319,674	298,093
Amortization of loan origination costs	2	2	2	2	2
Unit-based compensation	16	16	13	11	11
Forfeiture of restricted units	−57,000	—	—	−19,813	—
(Gain) loss on derivative instruments, net of settlements	−7	12	−26	−14	20
Oil, natural gas and NGL receivables	9	13	−12	−12	−18
Accounts receivable and other current assets	1	−1	2	−511,319	−2
Accounts payable	−917,000	−90,000	509,000	399,318	−77,716
Other current liabilities	1	−20,000	1	2	−463,828
Operating lease liabilities	−303,000	−382,000	−348,000	−324,913	−306,814
Net cash provided by operating activities	246	251	174	167	91
Purchases of property and equipment	−734,000	−188,000	−141,000	−163,140	−772,688
Proceeds from sale of property and equipment	12,000	—	—	—	—
Purchase of oil and natural gas properties	−223	−22,000	−491	−141	−55
Proceeds from trust of variable interest entity	—	—	931,000	—	—
Net cash used in investing activities	−223	−210,000	−247	−375	−56
Proceeds from the issuance of Series A preferred units, net of issuance costs	—	—	314	—	—
Proceeds from equity offering, net of issuance costs	164	—	111	116	58
Contributions from Class B unitholders	—	—	268,000	363,641	—
Redemption of Class B contributions on converted units	−2,000	−316,000	−316	−470,000	−158,410
Redemption of Series A preferred units	−180	—	—	—	−67
Distribution to common unitholders	−149	−136	−120	−107	−47
Distribution to OpCo unitholders	−23	−32	−32	−19	−22
Distribution to Series A preferred unitholders	−15	−20	−962,000	—	−3
Distribution to Class B unitholders	−58,000	−72,000	−89,000	−42,243	−76,780
Borrowings on long-term debt	696	5	201	199	137
Repayments on long-term debt	−493	−60	−140	−183	−91
Payment of loan origination costs	−7	−63,000	−7	−662,320	−684,767
Restricted units repurchased for tax withholding	−5	−5	−5	−3	−2
Net cash (used in) provided by financing activities	−13	−248	78	226	−39
NET INCREASE IN CASH AND CASH EQUIVALENTS	10	3	6	18	−3
Cash paid for interest	32	25	24	11	8
Cash (refund from) paid for taxes	−4	—	2	3	—
Units issued in exchange for oil and natural gas properties	—	—	92	120	—
Deemed distribution to Series A preferred units	1	2	474,000	—	9
Distribution on Series A preferred units in accounts payable	2	5	5	—	—
Recognition of tenant improvement asset	73,000	125,000	125,000	125,001	447,917
Right-of-use assets obtained in exchange for operating lease liabilities	1	2	—	—	19,636

Filings

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