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Kimbell Royalty Partners, LP files its Annual Report describing a large, diversified oil and gas royalty portfolio with no drilling or operating cost obligations. The partnership owns mineral and royalty interests in about 12.3 million gross acres and overriding royalty interests in about 4.7 million gross acres across 28 U.S. states, covering more than 133,000 wells.
As of December 31, 2025, proved developed reserves totaled 72,944 MBoe, 51.2% liquids. 2025 production was 9.4 million Boe, or 25,760 Boe/d, with revenue sourced 62% from oil, 25% from natural gas and 13% from NGLs. Average realized prices were $63.84/Bbl for oil, $2.93/Mcf for gas and $23.15/Bbl for NGLs.
The business model emphasizes growing cash distributions through acquisitions and ongoing development by working interest operators such as ConocoPhillips and other majors, with the top ten operators providing 47.1% of revenues. The partnership has a $625 million revolving credit facility and repaid $56.5 million in 2025, which reduced cash available for distribution. Distributions on common units are not guaranteed and are structurally subordinated to preferred and Class B unit distributions and sensitive to commodity prices.
Kimbell Royalty Partners reported solid Q4 and full-year 2025 results, highlighting growth, balance sheet strength and a higher payout. Fourth quarter 2025 revenues were $82.5 million with net income of $24.8 million, while full-year net income reached $99.7 million on $333.8 million of revenue.
Q4 average daily production was 26,643 Boe/d, including 25,627 Boe/d of run-rate volumes, and proved developed reserves rose about 8% year-over-year to 72.9 MMBoe. The company declared a Q4 2025 cash distribution of $0.37 per common unit, up 6% from Q3, representing 75% of cash available for distribution, and plans to apply the remaining 25% to repay roughly $13.4 million on its revolving credit facility.
As of December 31, 2025, Kimbell had $441.5 million of debt, cash of $44.0 million, net debt to trailing twelve month consolidated Adjusted EBITDA of 1.5x and $183.5 million of undrawn revolver capacity. Management reaffirmed a $625 million borrowing base with lower borrowing costs and extended the revolver maturity to December 2030, and issued 2026 guidance for net production of 24.0–27.0 Mboe/d with a similar commodity mix and a 75% payout ratio.
Kimbell Art Foundation filed Amendment No. 7 to its Schedule 13D on Kimbell Royalty Partners, LP, reporting beneficial ownership of 5,135,020 Common Units, or 4.8% of the class. Because its stake is now below five percent, this amendment is designated as an exit filing for the reporting person.
The reported holdings include 5,135,020 OpCo Common Units of Kimbell Royalty Operating, LLC, together with an equal number of Class B Units of the issuer, which are exchangeable on a one-for-one basis into Common Units. The percentage is based on 107,888,028 Common Units outstanding as of October 31, 2025.
Kimbell Royalty Partners, LP entered into a Second Amended and Restated Credit Agreement providing a senior secured reserve-based revolving credit facility of up to $1,500,000,000. The facility has an initial borrowing base and elected commitments of $625.0 million, includes a $10,000,000 letter of credit sub-facility, and extends the maturity to December 16, 2030, with an earlier May 3, 2030 maturity possible if specified preferred equity, liquidity and leverage conditions are triggered.
The facility bears interest at either SOFR plus a margin of 2.50%–3.50% or a base rate plus 1.50%–2.50%, depending on borrowing base utilization, and carries a 0.375%–0.50% commitment fee on unused commitments. It is guaranteed by key subsidiaries and secured by substantially all assets, including oil and gas properties, with borrowing base redeterminations twice a year starting around May 1, 2026. The agreement includes financial covenants capping the Debt to EBITDAX Ratio at 3.5 to 1.0 and requiring a current ratio of at least 1.0 to 1.0, along with mandatory prepayments from excess cash and customary events of default that could allow lenders to accelerate repayment.
Kimbell Royalty Partners (KRP) filed its Q3 2025 10-Q reporting total revenues of $80.6 million and net income of $22.3 million. Net income attributable to common units was $17.0 million, or $0.19 per basic and diluted unit. Adjusted EBITDA attributable to KRP was $53.9 million for the quarter.
The Board declared a quarterly cash distribution of $0.35 per common unit for Q3 2025, payable November 24, 2025 to holders of record November 17, 2025. In January, KRP closed the Boren Minerals acquisition valued at approximately $230.4 million, funded by $163.6 million of equity offering proceeds and borrowings under its revolving credit facility. Long‑term debt was $448.5 million at September 30, 2025. KRP also redeemed 162,500 Series A preferred units for an aggregate $182.3 million in May. As of October 31, 2025, KRP had 93,396,488 common units and 14,491,540 Class B units outstanding.
Kimbell Royalty Partners (KRP) furnished an 8-K noting a news release with its third quarter 2025 financial and operating results. The release is provided as Exhibit 99.1 and was issued on November 6, 2025.
The company also posted a “Winter 2025 Investor Presentation” on its website under Investor Relations > Events and Presentations. The information in this report, including Item 2.02, Item 7.01 and Exhibit 99.1, is furnished and not deemed filed under the Exchange Act.
Blayne Rhynsburger, Controller of Kimbell Royalty Partners, LP (KRP), reported a sale of common units. On 09/04/2025 the reporting person disposed of 3,600 common units at a price of $13.74 per unit. After the sale the reporting person beneficially owned 43,663 common units. The Form 4 indicates the filing was executed by an attorney-in-fact (Jamie L. Hayes) on 09/05/2025. The Form 4 identifies the reporting person as an officer (Controller) and was filed as a single reporting person disclosure.