Kimbell Royalty Partners Announces First Quarter 2026 Results

Rhea-AI Summary

Kimbell Royalty Partners (NYSE: KRP) reported Q1 2026 results: run-rate production of 25,522 Boe/d, revenues of $82.9 million, consolidated Adjusted EBITDA of $68.0 million and net income of approximately $6.9 million. The Board declared a $0.41 per-unit cash distribution payable May 27, 2026 and repurchased 500,000 common units for ~$7.3 million.

As of March 31, 2026, Kimbell had $440.9 million outstanding on its revolving credit facility, net debt/TTM Adjusted EBITDA of ~1.6x, and 85 rigs active on its acreage (~16% U.S. land rig share).

Positive

• Run-rate production of 25,522 Boe/d in Q1 2026
• Q1 2026 revenues of $82.9 million
• Consolidated Adjusted EBITDA of $68.0 million
• Declared Q1 distribution of $0.41 per common unit (75% of cash available)
• Repurchased 500,000 common units for $7.3 million

Negative

• Net income of approximately $6.9 million in Q1 2026
• Outstanding revolver borrowings of $440.9 million as of March 31, 2026
• Repurchase funded by a draw on the secured revolving credit facility

News Market Reaction – KRP

-0.55%

-0.55% Session close to close

In the May 7 session, KRP declined 0.55%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights stable Q1 2026 operations, with run-rate production of 25,522 Boe/d, co...

Analysis

This announcement highlights stable Q1 2026 operations, with run-rate production of 25,522 Boe/d, commodity revenues of $82.9M and consolidated Adjusted EBITDA of $68.0M. Management maintained its 75% payout policy via a $0.41 per-unit distribution and used remaining cash to reduce debt and repurchase 500,000 units. As of March 31, 2026, Kimbell carried $440.9M of revolver borrowings. Investors may watch future earnings for distribution sustainability, leverage trends and ongoing effects of the new repurchase program.

Key Figures

Q1 2026 revenues: $82.9M Q1 2026 net income: $6.9M Q1 2026 Adjusted EBITDA: $68.0M +5 more

8 metrics

Q1 2026 revenues $82.9M Q1 2026 oil, natural gas and NGL revenues

Q1 2026 net income $6.9M Net income; $4.0M attributable to common units

Q1 2026 Adjusted EBITDA $68.0M Q1 2026 consolidated Adjusted EBITDA (non-GAAP)

Distribution per unit $0.41 Q1 2026 cash distribution, 75% payout ratio

Annualized yield 11.2% Based on May 6, 2026 close of $14.59 per unit

Unit repurchases 500,000 units for $7.3M Q1 2026 buybacks, avg price $14.60 per unit

Debt outstanding $440.9M Debt under secured revolving credit facility as of Mar 31, 2026

Run-rate production 25,522 Boe/d Q1 2026 run-rate daily production (6:1)

Previous Earnings Reports

5 past events · Latest: Feb 26 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 26	Q4 2025 earnings	Positive	+2.6%	Higher production, $76.0M revenues, $64.8M Adjusted EBITDA and $0.37 distribution.
Nov 06	Q3 2025 earnings	Positive	+0.3%	25,530 Boe/d production, $76.8M revenues and $62.3M Adjusted EBITDA with active rigs.
Aug 07	Q2 2025 earnings	Positive	-2.3%	Strong $74.7M revenues, $26.7M net income and $63.8M Adjusted EBITDA but shares fell.
May 08	Q1 2025 earnings	Positive	+7.6%	Record $90.0M revenues, $25.9M net income, $77.1M EBITDA and higher $0.47 distribution.
Feb 27	Q4 2024 earnings	Neutral	-3.5%	Record production but net loss from non‑cash impairment; conservative leverage metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have generally been operationally strong with a mix of positive and negative price reactions; four of the last five earnings prints saw price moves consistent with the broadly positive tone, and one notable divergence where strong numbers were sold.

Recent Company History

Recent history shows Kimbell consistently reporting stable run-rate production around 25,000–26,000 Boe/d, high rig activity and solid Adjusted EBITDA. Prior earnings included record Q1 2025 revenues of $90.0M and Adjusted EBITDA of $77.1M, followed by Q4 2025 revenues of $76.0M and Adjusted EBITDA of $64.8M. Distributions have remained a central focus, typically at a 75% payout. The current Q1 2026 report extends this pattern with steady production, strong cash generation and another sizable distribution plus debt reduction and repurchases.

Key Terms

adjusted ebitda, non-gaap financial measures, fixed price swaps, form 8937, +4 more

8 terms

adjusted ebitda financial

"Q1 2026 consolidated Adjusted EBITDA of $68.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial measures financial

"consolidated Adjusted EBITDA is a non-GAAP financial measure."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

fixed price swaps financial

"Fixed Price Swaps as of March 31, 2026"

A fixed price swap is a financial contract where two parties agree to exchange payments: one side pays a set, unchanging price and the other pays a variable amount tied to a market rate or commodity price. Think of it as swapping a fluctuating electricity bill for a steady monthly charge; investors use these swaps to lock in costs or revenues, reduce exposure to price swings, and make future cash flows more predictable.

form 8937 regulatory

"The Form 8937 containing additional information may be found"

Form 8937 is a U.S. Internal Revenue Service disclosure companies file to explain how a corporate action—like a merger, spin-off, or stock split—changes the tax cost (tax basis) of an investor’s shares. It matters because that tax cost determines how much profit or loss you report when you sell, so the form is like an instruction sheet showing how to split or adjust the original purchase price for tax reporting.

schedule 13d/a regulatory

"[SCHEDULE 13D/A] Kimbell Royalty Partners, LP Amended Major Shareholder Report"

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

form 4 regulatory

"[Form 4] Kimbell Royalty Partners, LP Insider Trading Activity"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

View in glossary

revolving credit facility financial

"outstanding borrowings under its secured revolving credit facility."

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

tax-withholding dispositions regulatory

"three code F transactions, each described as a tax-withholding disposition"

Tax-withholding dispositions are sales or transfers of securities or other assets that trigger a legal requirement for the broker, employer or payer to hold back part of the proceeds and send it to tax authorities. For investors this matters because the withheld amount reduces the cash you receive at the time of the transaction and can affect your short-term liquidity, tax reporting and any final tax owed or refunded—think of it like a cashier keeping a portion of your sale to prepay your tax bill.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Q1 2026 Run-Rate Daily Production of 25,522 Boe/d (6:1)

Activity on Acreage Remains Robust with 85 Active Rigs Drilling Representing 16%¹ Market Share of U.S. Land Rig Count

Announces Q1 2026 Cash Distribution of $0.41 per Common Unit

FORT WORTH, Texas, May 7, 2026 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Partnership"), a leading owner of oil and natural gas mineral and royalty interests in over 133,000 gross wells across 28 states, today announced financial and operating results for the quarter ended March 31, 2026. 

First Quarter 2026 Highlights

• Q1 2026 run-rate daily production of 25,522 barrels of oil equivalent ("Boe") per day (6:1)
• Q1 2026 oil, natural gas and NGL revenues of $82.9 million
• Q1 2026 net income of approximately $6.9 million and net income attributable to common units of approximately $4.0 million
• Q1 2026 consolidated Adjusted EBITDA of $68.0 million
• Cash G&A per BOE of $2.31 in Q1 2026, below low-end of guidance reflecting operational discipline and positive operating leverage
• As of March 31, 2026, Kimbell's major properties² had 6.85 net DUCs and net permitted locations on its acreage compared to an estimated 6.80 net wells needed to maintain flat production
• As of March 31, 2026, Kimbell had 85 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
• Announced a Q1 2026 cash distribution of $0.41 per common unit, reflecting a payout ratio of 75% of cash available for distribution; implies a 11.2% annualized yield based on the May 6, 2026 closing price of $14.59 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 Q1 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase price of approximately $7.3 million (average price of $14.60 per unit)
• Kimbell affirms its financial and operational guidance ranges for 2026 previously disclosed in its Q4 2025 earnings release

_________________________

1 Based on Kimbell rig count of 85 and Baker Hughes U.S. land rig count of 530 as of March 31, 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.

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 another strong quarter with robust drilling activity across our acreage.  Kimbell's production exceeded the midpoint of guidance, showing once again the resilience of our high quality, diversified and low decline production base.  Kimbell's active rig count remains robust with 85 rigs drilling across our acreage, led by the Permian Basin, and our market share of U.S. land rigs remained at 16%.  Cash G&A per BOE was below the low-end of guidance reflecting operational discipline and positive operating leverage.

"We are pleased to declare the Q1 2026 distribution of 41 cents per common unit, reflecting a 11.2% annualized tax advantaged yield based on Kimbell's closing price on May 6, 2026.  We estimate that approximately 72% 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.

"We believe higher oil prices will likely result in a modest increase in activity across oil-weighted basins as we progress through 2026 as many operators will likely move up the completion of DUCs to take advantage of higher prices and gradually add additional rigs.  We remain extremely excited about the U.S. oil and natural gas royalty industry, our role as a leading consolidator and the prospects for Kimbell to generate long-term unitholder value for years to come."

First 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 first quarter of 2026, or $0.41 per common unit.  The distribution will be payable on May 27, 2026 to common unitholders of record at the close of business on May 19, 2026.  Kimbell plans to utilize the remaining 25% of cash available for distribution for the first quarter of 2026 to pay down approximately $14.5 million of the outstanding borrowings under its secured revolving credit facility. 

Kimbell expects that approximately 72% of its first 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 first quarter 2026 average realized price per Bbl of oil was $70.61, per Mcf of natural gas was $3.32, per Bbl of NGLs was $24.43 and per Boe combined was $37.02.

During the first quarter of 2026, the Partnership's total revenues were $65.5 million, net income was approximately $6.9 million and net income attributable to common units was approximately $4.0 million, or $0.04 per common unit.

Total first quarter 2026 consolidated Adjusted EBITDA was $68.0 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 first quarter of 2026, G&A expense was $9.4 million, $5.3 million of which was Cash G&A expense, or $2.31 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 first quarter of 2026, which is a non-cash G&A expense, was $4.1 million or $1.78 per Boe.

During the first quarter of 2026, Kimbell repurchased and cancelled 500,000 of its common units for an aggregate purchase price of approximately $7.3 million (average price of $14.60 per unit). As of March 31, 2026, Kimbell is authorized to repurchase an additional approximately $92.7 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 March 31, 2026, Kimbell had approximately $440.9 million in debt outstanding under its secured revolving credit facility, had net debt to first quarter 2026 trailing twelve month consolidated Adjusted EBITDA of approximately 1.6x and was in compliance with all financial covenants under its secured revolving credit facility.  Kimbell had approximately $184.1 million in undrawn capacity under its secured revolving credit facility as of March 31, 2026.

As of March 31, 2026, Kimbell had outstanding 99,152,268 common units and 9,122,322 Class B units.  As of May 7, 2026, Kimbell had outstanding 98,652,268 common units and 9,122,322 Class B units.

Production

First quarter 2026 run-rate average daily production was 25,522 Boe per day (6:1), which was composed of approximately 47% from natural gas (6:1) and approximately 53% from liquids (32% from oil and 21% from NGLs).

Operational Update

As of March 31, 2026, Kimbell's major properties had 897 gross (4.39 net) DUCs and 558 gross (2.46 net) permitted locations on its acreage.  In addition, as of March 31, 2026, Kimbell had 85 rigs actively drilling on its acreage, which represents an approximate 16.0% market share of all land rigs drilling in the continental United States as of such time.

Basin	Gross DUCs as of March 31, 2026(1)	Gross Permits as of March 31, 2026(1)	Net DUCs as of March 31, 2026(1)	Net Permits as of March 31, 2026(1)
Permian	587	379	3.08	1.60
Eagle Ford	37	15	0.24	0.07
Haynesville	70	19	0.38	0.23
Mid-Continent	100	70	0.43	0.44
Bakken	87	67	0.19	0.07
Appalachia	8	2	0.03	0.03
Rockies	8	6	0.04	0.02
Total	897	558	4.39	2.46

(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.

Hedging Update

The following provides information concerning Kimbell's hedge book as of March 31, 2026:

Fixed Price Swaps as of March 31, 2026
			Weighted Average
	Volumes		Fixed Price
	Oil	Nat Gas	Oil	Nat Gas
	BBL	MMBTU	$/BBL	$/MMBTU
2Q 2026	148,512	1,310,400	$        70.78	$          3.33
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

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 first 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 May 14, 2026 by dialing 201-612-7415 and using the conference ID 13759315#.  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 May 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 more than 133,000 gross wells.  To learn more, visit http://www.kimbellrp.com.

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
krp@dennardlascar.com
(713) 529-6600

– Financial statements follow –

Kimbell Royalty Partners, LP Condensed Consolidated Balance Sheet (Unaudited, in thousands)
	March 31,
	2026
Assets:
Current assets
Cash and cash equivalents	$	37,161
Oil, natural gas and NGL receivables		45,528
Accounts receivable and other current assets		1,992
Total current assets		84,681
Property and equipment, net		606
Oil and natural gas properties
Oil and natural gas properties (full cost method)		2,271,470
Less: accumulated depreciation, depletion and impairment		(1,177,421)
Total oil and natural gas properties, net		1,094,049
Right-of-use assets, net		4,516
Derivative assets		395
Loan origination costs, net		9,493
Total assets	$	1,193,740
Liabilities, mezzanine equity and unitholders' equity:
Current liabilities
Accounts payable	$	2,872
Other current liabilities		6,617
Derivative liabilities		7,060
Total current liabilities		16,549
Operating lease liabilities, excluding current portion		4,326
Derivative liabilities		3,091
Long-term debt		440,900
Total liabilities		464,866
Commitments and contingencies
Mezzanine equity:
Series A preferred units		158,987
Kimbell Royalty Partners, LP unitholders' equity:
Common units		521,417
Class B units		456
Total Kimbell Royalty Partners, LP unitholders' equity		521,873
Non-controlling interest in OpCo		48,014
Total unitholders' equity		569,887
Total liabilities, mezzanine equity and unitholders' equity	$	1,193,740

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
	March 31, 2026			March 31, 2025
Revenue
Oil, natural gas and NGL revenues	$	82,885		$	89,951
Lease bonus and other income		1,337			311
Loss on commodity derivative instruments, net		(18,678)			(6,053)
Total revenues		65,544			84,209
Costs and expenses
Production and ad valorem taxes		5,889			5,375
Depreciation and depletion expense		29,299			31,118
Marketing and other deductions		5,168			4,502
General and administrative expense		9,389			9,637
Total costs and expenses		49,745			50,632
Operating income		15,799			33,577
Other expense
Interest expense		(8,154)			(6,622)
Other expense		—			(12)
Net income before income taxes		7,645			26,943
Income tax expense		703			1,090
Net income		6,942			25,853
Distribution and accretion on Series A preferred units		(2,599)			(5,203)
Net income attributable to non-controlling interests		(366)			(2,774)
Distributions to Class B unitholders		(9)			(14)
Net income attributable to common units of Kimbell Royalty Partners, LP	$	3,968		$	17,862
Basic	$	0.04		$	0.20
Diluted	$	0.04		$	0.20
Weighted average number of common units outstanding
Basic		93,126,103			89,682,038
Diluted		119,084,909			127,947,257

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 Supplemental Schedules (Unaudited, in thousands)
	Three Months Ended			Three Months Ended
	March 31, 2026			March 31, 2025
Reconciliation of net cash provided by operating activities
to Adjusted EBITDA and cash available for distribution
Net cash provided by operating activities	$	49,430		$	54,153
Interest expense		8,154			6,622
Income tax expense		703			1,090
Amortization of right-of-use assets		(90)			(85)
Amortization of loan origination costs		(499)			(534)
Unit-based compensation		(4,081)			(3,861)
Forfeiture of restricted units		—			57
Loss on derivative instruments, net of settlements		(18,819)			(6,989)
Changes in operating assets and liabilities:
Oil, natural gas and NGL receivables		8,946			15,074
Accounts receivable and other current assets		572			(17)
Accounts payable		219			938
Other current liabilities		479			(1,826)
Operating lease liabilities		84			61
Consolidated EBITDA	$	45,098		$	64,683
Add:
Unit-based compensation		4,081			3,861
Loss on derivative instruments, net of settlements		18,819			6,989
Consolidated Adjusted EBITDA	$	67,998		$	75,533
Adjusted EBITDA attributable to non-controlling interest		(5,729)			(10,146)
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP	$	62,269		$	65,387
Adjustments to reconcile Adjusted EBITDA to cash available
for distribution
Less:
Cash interest expense		7,035			4,051
Cash distribution to Series A preferred unitholders		2,201			4,163
Distribution to Class B unitholders		9			14
Cash available for distribution on common units	$	53,024		$	57,159

Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts)
	Three Months Ended
	March 31, 2026
Net income	$	6,942
Depreciation and depletion expense		29,299
Interest expense		8,154
Income tax expense		703
Consolidated EBITDA	$	45,098
Unit-based compensation		4,081
Loss on derivative instruments, net of settlements		18,819
Consolidated Adjusted EBITDA	$	67,998
Adjusted EBITDA attributable to non-controlling interest		(5,729)
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP	$	62,269
Adjustments to reconcile Adjusted EBITDA to cash available
for distribution
Less:
Cash interest expense		7,035
Cash distribution to Series A preferred unitholders		2,201
Distribution to Class B unitholders		9
Cash available for distribution on common units	$	53,024
Common units outstanding on March 31, 2026		99,152,268
Common units outstanding on May 19, 2026 Record Date		98,652,268
Cash available for distribution per common unit outstanding	$	0.54
First quarter 2026 distribution declared (1)	$	0.41

(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 Supplemental Schedules (Unaudited, in thousands, except for per-unit data and unit counts)
	Three Months Ended
	March 31, 2025
Net income	$	25,853
Depreciation and depletion expense		31,118
Interest expense		6,622
Income tax expense		1,090
Consolidated EBITDA	$	64,683
Unit-based compensation		3,861
Loss on derivative instruments, net of settlements		6,989
Consolidated Adjusted EBITDA	$	75,533
Adjusted EBITDA attributable to non-controlling interest		(10,146)
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP	$	65,387
Adjustments to reconcile Adjusted EBITDA to cash available
for distribution
Less:
Cash interest expense		4,051
Cash distribution to Series A preferred unitholders		4,163
Distribution to Class B unitholders		14
Cash available for distribution on common units	$	57,159
Common units outstanding on March 31, 2025		93,396,488
Common units outstanding on May 20, 2025 Record Date		93,396,488
Cash available for distribution per common unit outstanding	$	0.61
First quarter 2025 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 $1.6 million of cash flows expected to be received from the Q1 2025 Acquired Production from January 1, 2025 to January 16, 2025, 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 Q1 2025 acquisition will be reflected in Kimbell's condensed consolidated financial statements from January 17, 2025 onward.

Kimbell Royalty Partners, LP Supplemental Schedules (Unaudited, in thousands)
	Three Months Ended
	March 31, 2026
Net income	$	6,942
Depreciation and depletion expense		29,299
Interest expense		8,154
Income tax expense		703
Consolidated EBITDA	$	45,098
Unit-based compensation		4,081
Loss on derivative instruments, net of settlements		18,819
Consolidated Adjusted EBITDA	$	67,998
Q2 2025 - Q4 2025 Consolidated Adjusted EBITDA (1)		190,934
Trailing Twelve Month Consolidated Adjusted EBITDA	$	258,932
Long-term debt (as of 3/31/26)		440,900
Cash and cash equivalents (as of 3/31/26)		(37,161)
Net debt (as of 3/31/26)	$	403,739
Net Debt to Trailing Twelve Month Consolidated Adjusted EBITDA		1.6x

(1)  Consolidated Adjusted EBITDA for each of the quarters ended June 30, 2025, September 30, 2025 and December 31, 2025 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.

View original content:https://www.prnewswire.com/news-releases/kimbell-royalty-partners-announces-first-quarter-2026-results-302764775.html

SOURCE Kimbell Royalty Partners, LP

FAQ

What production and revenue did Kimbell Royalty Partners (KRP) report for Q1 2026?

KRP reported Q1 2026 run-rate production of 25,522 Boe/d and revenues of $82.9 million. According to the company, liquids comprised about 53% of production and consolidated Adjusted EBITDA for the quarter was $68.0 million.

How much is the Q1 2026 cash distribution declared by KRP and when is it payable?

KRP declared a cash distribution of $0.41 per common unit, payable May 27, 2026. According to the company, this equals 75% of cash available for distribution and implies an annualized yield based on the May 6, 2026 closing price.

What did KRP disclose about its debt and leverage as of March 31, 2026?

As of March 31, 2026, KRP had $440.9 million outstanding under its secured revolving credit facility and net debt to trailing twelve month Adjusted EBITDA of ~1.6x. According to the company, it remained in compliance with financial covenants.

How many rigs were active on KRP acreage and what market share did that represent on March 31, 2026?

KRP reported 85 rigs actively drilling on its acreage, representing approximately 16% market share of U.S. land rigs. According to the company, activity was led by the Permian Basin and supports its DUC inventory management.

What corporate actions did KRP take in Q1 2026 regarding buybacks and debt repayment?

During Q1 2026, KRP repurchased and cancelled 500,000 common units for about $7.3 million and plans to use 25% of cash available to repay roughly $14.5 million of revolver borrowings. According to the company, the repurchase was funded by a draw on the credit facility.