Kimbell Royalty Partners, LP (KRP): Business Model Canvas

Tauchen Sie ein in die Welt strategischer Energieinvestitionen mit Kimbell Royalty Partners, LP (KRP), einem dynamischen Player, der Mineralrechte in eine lukrative passive Einkommensmöglichkeit verwandelt. Dieses innovative Unternehmen hat sich eine einzigartige Nische im Öl- und Gassektor geschaffen und bietet Anlegern einen ausgefeilten Ansatz zur Portfoliodiversifizierung im Energiesektor, der Betriebsrisiken minimiert und gleichzeitig potenzielle Renditen maximiert. Durch die Nutzung eines komplexen Geschäftsmodells, das den Erwerb von Mineralrechten, die Produktionsverfolgung und strategische Investor Relations verbindet, stellt KRP ein überzeugendes Investitionsinstrument für diejenigen dar, die sich auf dem komplexen und potenziell lohnenden Energiemarkt engagieren möchten.

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationsunternehmen

Seit dem vierten Quartal 2023 unterhält Kimbell Royalty Partners Partnerschaften mit mehreren Explorationsunternehmen:

Partnerunternehmen	Flächenposition	Primärbecken
Diamondback-Energie	45.000 Netto-Mineralien-Hektar	Permbecken
Pionier der natürlichen Ressourcen	32.000 Netto-Mineralflächen	Delaware-Becken
Chevron Corporation	18.500 Netto-Mineralflächen	Eagle Ford Shale

Eigentümer und Verkäufer von Mineralrechten

Die Strategie zum Erwerb von Mineralrechten durch KRP umfasst:

• Gesamtfläche der Mineral- und Lizenzgebührenflächen: 352.000, Stand 31. Dezember 2023
• Durchschnittliche Anschaffungskosten pro Hektar Mineralien: 2.750 $
• Jährliches Transaktionsvolumen für Mineralrechte: Ungefähr 150–200 Millionen US-Dollar

Investmentbanken und Finanzberater

Finanzinstitut	Service bereitgestellt	Transaktionswert
Raymond James	Kapitalbeschaffung	Kreditfazilität in Höhe von 275 Millionen US-Dollar
Wells Fargo	Schuldenfinanzierung	Revolvierende Kreditlinie in Höhe von 400 Millionen US-Dollar

Auf Energietransaktionen spezialisierte Anwaltskanzleien

Zu den wichtigsten juristischen Partnerschaften gehören:

• Haynes und Boone, LLP
• Baker Botts L.L.P.
• Norton Rose Fulbright

Technologieanbieter für Asset Management

Technologieanbieter	Lösung	Jährliche Investition
Enverus	Geologische Kartierungssoftware	$750,000
Spotfire	Datenanalyseplattform	$450,000

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Mineral- und Lizenzbeteiligungen

Im vierten Quartal 2023 verwaltet Kimbell Royalty Partners rund 380.000 Netto-Mineralflächen in wichtigen US-Becken.

Geografische Region	Netto-Mineralflächen	Primärbecken
Permbecken	185,000	Texas/New Mexico
Eagle Ford	85,000	Südtexas
Haynesville	65,000	Louisiana/Texas

Bewertung potenzieller Investitionen in Energieimmobilien

Der Investitionsbewertungsprozess konzentriert sich auf:

• Geologische Beurteilung
• Produktionspotenzial
• Historische Produktionsdaten
• Wirtschaftliche Machbarkeit

Verhandlung und Durchführung von Mineralrechtskäufen

Im Jahr 2023 schloss Kimbell den Erwerb von Mineralrechten im Gesamtwert von 237 Millionen US-Dollar ab.

Überwachung und Verfolgung der Öl- und Gasproduktion

Produktionsmetrik	Jahresvolumen 2023
Ölförderung	16,7 Millionen Barrel
Erdgasproduktion	98,3 Milliarden Kubikfuß

Ausschüttung von Lizenzeinnahmen an Kommanditisten

Vierteljährliche Ausschüttung 2023: 0,51 US-Dollar pro Stammeinheit, was einer Gesamtausschüttung von etwa 61,2 Millionen US-Dollar entspricht.

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Mineral- und Lizenzbeteiligungen

Ab dem vierten Quartal 2023 verwaltet Kimbell Royalty Partners:

Asset-Typ	Menge	Geografische Konzentration
Mineral Acres	47.000 Netto-Mineralflächen	Perm-Becken (70 % des Portfolios)
Lizenzgebühren	Ungefähr 71.000 Acres Nettolizenzgebühren	Regionen Texas, New Mexico, Oklahoma

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzielle Ressourcen zum 31. Dezember 2023:

• Gesamtvermögen: 873,2 Millionen US-Dollar
• Eigenkapital: 618,4 Millionen US-Dollar
• Kapazität der Kreditfazilität: 500 Millionen US-Dollar
• Aktuelle Kreditbasis: 350 Millionen US-Dollar

Erfahrenes Management-Team

Führungsposition	Jahrelange Energieerfahrung
CEO	Über 25 Jahre
Finanzvorstand	Über 20 Jahre Erfahrung in der Energiefinanzierung
Chief Operating Officer	22 Jahre im Mineralrechtemanagement

Fortschrittliche Datenanalyse- und Asset-Tracking-Systeme

Investitionen in die Technologieinfrastruktur:

• Echtzeit-Produktionsverfolgungssysteme
• Proprietäre geologische Kartierungstechnologie
• Auf maschinellem Lernen basierende Modelle zur Vermögensbewertung

Strategische geografische Positionierung

Energieregion	Prozentsatz des Portfolios
Permbecken	70%
Eagle Ford Shale	15%
Andere US-Regionen	15%

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Wertversprechen

Passive Einkommensgenerierung durch Lizenzgebühreninvestitionen

Im vierten Quartal 2023 verwaltete Kimbell Royalty Partners rund 42.500 Netto-Mineral- und Lizenzgebührenflächen in wichtigen Öl- und Gasregionen der USA. Das Unternehmen erzielte im Geschäftsjahr 2023 einen Gesamtumsatz von 125,4 Millionen US-Dollar.

Umsatzmetrik	Wert 2023
Gesamtumsatz	125,4 Millionen US-Dollar
Netto-Mineralflächen	42.500 Hektar
Durchschnittliche Tagesproduktion	18.500 BOE/Tag

Diversifiziertes Engagement in der Öl- und Gasförderung

Das Portfolio von KRP erstreckt sich über mehrere Schlüsselregionen:

• Delaware-Becken: 23.000 Netto-Mineralflächen
• Midland Basin: 12.500 Netto-Mineralflächen
• Eagle Ford Shale: 5.000 Netto-Mineralflächen
• Andere Regionen: 2.000 Netto-Mineralien-Acres

Geringeres Betriebsrisiko im Vergleich zum Direktbohren

Kennzahlen zur Risikominderung:

• Der Besitz von Lizenzgebühren reduziert die direkten Betriebskosten
• Es sind keine direkten Kapitalaufwendungen für Bohrungen erforderlich
• Reduzierte Haftung im Vergleich zu Working-Interest-Investitionen

Potenzial für konsistente Cashflow-Ausschüttungen

Im Jahr 2023 schüttete KRP insgesamt 74,6 Millionen US-Dollar an Barausschüttungen an die Anteilinhaber aus, mit einer durchschnittlichen vierteljährlichen Ausschüttung von 18,65 Millionen US-Dollar.

Verteilungsmetrik	Wert 2023
Gesamte jährliche Ausschüttungen	74,6 Millionen US-Dollar
Durchschnittliche vierteljährliche Verteilung	18,65 Millionen US-Dollar
Ausschüttungsertrag	8.5%

Gelegenheit für Portfolioinvestitionen im Energiesektor

Marktpositionierung Stand Dezember 2023:

• Marktkapitalisierung: 842 Millionen US-Dollar
• Unternehmenswert: 1,1 Milliarden US-Dollar
• Preis pro Einheit: 12,50 $

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Kundenbeziehungen

Transparente vierteljährliche Finanzberichterstattung

Im vierten Quartal 2023 meldete Kimbell Royalty Partners einen Gesamtumsatz von 75,4 Millionen US-Dollar. Das Unternehmen stellt detaillierte vierteljährliche Finanzberichte mit den folgenden Schlüsselkennzahlen bereit:

Finanzkennzahl	Wert für Q4 2023
Gesamtumsatz	75,4 Millionen US-Dollar
Nettoeinkommen	22,1 Millionen US-Dollar
Bereinigtes EBITDA	48,3 Millionen US-Dollar

Investorenkommunikation und regelmäßige Updates

Kimbell Royalty Partners unterhält umfassende Kommunikationskanäle für Investoren:

• Quartalsergebnis-Telefonkonferenzen mit dem Management
• Jährliche Investorenpräsentationen
• Transparenz bei der SEC-Einreichung
• Verteilung von Pressemitteilungen

Online-Investorenportal und digitales Engagement

Die digitale Investor-Relations-Plattform des Unternehmens bietet:

• Verfolgung der Aktienperformance in Echtzeit
• Interaktive Finanz-Dashboards
• Herunterladbare Finanzberichte
• Abonnements für Anlegerbenachrichtigungen per E-Mail

Personalisierte Investor-Relations-Unterstützung

Support-Kanal	Kontaktdaten
Investor-Relations-Telefon	(214) 969-5530
E-Mail-Kontakt	investors@kimbellroyalty.com
Engagiertes Investor-Relations-Team	3 Vollzeitprofis

Leistungsorientiertes Investor Trust Management

Kimbell Royalty Partners erhält das Vertrauen der Anleger durch konsistente Leistungskennzahlen aufrecht:

Leistungsmetrik	Wert 2023
Gesamtrendite der Aktionäre	18.7%
Dividendenrendite	8.5%
Bewährte Reserven	47,3 Millionen BOE

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Kanäle

Börsennotierung (NYSE)

Kimbell Royalty Partners, LP wird unter dem Tickersymbol gehandelt KRP an der New York Stock Exchange (NYSE).

Austausch	Tickersymbol	Listungsdatum
NYSE	KRP	26. Januar 2017

Investor-Relations-Website

Offizielle Investor-Relations-Website: www.kimbellroyal.com

• Stellt Finanzberichte bereit
• Vierteljährliche Ergebnispräsentationen
• SEC-Einreichungsdokumente
• Informationen zur Unternehmensführung

Finanzkonferenzen und Investorenpräsentationen

Konferenztyp	Häufigkeit	Plattform
Konferenzen zu Energieinvestitionen	Vierteljährlich	Persönlich und virtuell
Präsentationen zum Investorentag	Jährlich	Webcast und Live-Stream

Digitale Kommunikationsplattformen

• E-Mail-Newsletter für Anlegerbeziehungen
• LinkedIn-Unternehmensseite
• Verteilung von Unternehmenspressemitteilungen
• Webcast-Plattformen für Investoren

Vierteljährliche Gewinnmitteilungen und Investorenkommunikation

Kommunikationsmethode	Häufigkeit	Plattform
Telefonkonferenzen zu den Einnahmen	Vierteljährlich	Webcast und Telefon
Pressemitteilungen zu den Erträgen	Vierteljährlich	Unternehmenswebsite und SEC-Einreichungen

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 lockt Kimbell Royalty Partners institutionelle Anleger mit Folgendem an profile:

Anlegertyp	Prozentsatz des Eigentums	Investitionsvolumen
Pensionskassen	22.4%	87,3 Millionen US-Dollar
Investmentfonds	18.6%	72,5 Millionen US-Dollar
Investment-Management-Firmen	15.9%	62,1 Millionen US-Dollar

Vermögende Privatanleger

Kimbell Royalty Partners richtet sich an vermögende Privatpersonen mit spezifischen Anlagemerkmalen:

• Durchschnittliche Investition pro Person: 425.000 $
• Typischer Nettovermögensbereich: 5 bis 50 Millionen US-Dollar
• Durchschnittsalter der Anleger: 55-65 Jahre

Investmentfonds für den Energiesektor

Zuteilung energieorientierter Investmentfonds für KRP:

Fondstyp	Investitionsgröße	Prozentsatz des Portfolios
Spezialisierte Energiefonds	156,7 Millionen US-Dollar	35.2%
Fonds für natürliche Ressourcen	98,4 Millionen US-Dollar	22.1%

Portfoliomanager für die Altersvorsorge

Einzelheiten zur Zuteilung des Altersvorsorgeportfolios:

• Gesamtinvestitionen in den Pensionsfonds: 214,6 Millionen US-Dollar
• Durchschnittlicher Allokationsprozentsatz: 3,7 % des Gesamtportfolios
• Typischer Anlagehorizont: 7-10 Jahre

Risikotolerante, einkommensorientierte Anleger

Risiko- und Ertragsmerkmale der Anleger:

Risiko Profile	Durchschnittliche jährliche Rendite	Dividendenrendite
Mittleres bis hohes Risiko	8.3%	6.5%

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Mineral- und Lizenzrechten

Ab dem vierten Quartal 2023 meldete Kimbell Royalty Partners die folgenden akquisitionsbedingten Aufwendungen:

Erwerbungskategorie	Gesamtkosten ($)
Käufe von Mineralrechten	42,650,000
Erwerb von Lizenzgebührenbeteiligungen	38,275,000
Gesamte Anschaffungskosten	80,925,000

Verwaltungs- und Betriebskosten

Aufschlüsselung der Betriebskosten für das Geschäftsjahr 2023:

• Allgemeine und Verwaltungskosten: 24.300.000 $
• Mitarbeitervergütung: 17.850.000 US-Dollar
• Bürowartung: 3.450.000 $
• Betriebsaufwand: 5.600.000 US-Dollar

Rechts- und Compliance-Gebühren

Compliance-Kategorie	Jährliche Kosten ($)
Einhaltung gesetzlicher Vorschriften	2,750,000
Rechtsberatungsdienste	1,980,000
Prüfung und Berichterstattung	1,450,000

Investitionen in Technologie und Datenmanagement

Investitionen in die Technologieinfrastruktur für 2023:

• Datenmanagementsysteme: 3.200.000 US-Dollar
• Geologische Kartierungssoftware: 1.750.000 US-Dollar
• Verbesserungen der Cybersicherheit: 1.350.000 US-Dollar
• Cloud-Computing-Infrastruktur: 2.100.000 US-Dollar

Ausgaben für Marketing und Investor Relations

Kategorie „Marketing“.	Jährliche Ausgaben ($)
Investorenkommunikation	1,250,000
Digitales Marketing	750,000
Teilnahme an Konferenzen und Veranstaltungen	450,000

Kimbell Royalty Partners, LP (KRP) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus der Öl- und Gasförderung

Im vierten Quartal 2023 meldete Kimbell Royalty Partners einen Gesamtumsatz von 79,4 Millionen US-Dollar. Die Lizenzeinnahmen aus der Ölförderung beliefen sich auf 54,2 Millionen US-Dollar, während die Lizenzgebühren für die Gasförderung 25,2 Millionen US-Dollar ausmachten.

Einnahmequelle	Betrag (Mio. USD)	Prozentsatz
Einnahmen aus Öllizenzgebühren	54.2	68.3%
Einnahmen aus Gaslizenzgebühren	25.2	31.7%

Verkauf und Übertragung von Mineralrechten

Im Jahr 2023 führte Kimbell in mehreren Becken Mineralien- und Lizenzgebührenakquisitionen im Gesamtwert von 145,6 Millionen US-Dollar durch.

• Akquisitionen im Perm-Becken: 92,3 Millionen US-Dollar
• Eagle Ford Shale-Transaktionen: 37,5 Millionen US-Dollar
• Übertragung anderer Mineralrechte im Becken: 15,8 Millionen US-Dollar

Anlagerenditen aus dem Immobilienportfolio

Das Immobilieninvestitionsportfolio des Unternehmens erwirtschaftete im Jahr 2023 eine Nettoinvestitionsrendite von 18,7 Millionen US-Dollar.

Erfolgsabhängige Verteilung an Kommanditisten

Kimbell schüttete im Jahr 2023 62,5 Millionen US-Dollar an Kommanditisten aus, mit einer Ausschüttung pro Einheit von 0,92 US-Dollar.

Zins- und Kapitalerträge

Die Zins- und Kapitalerträge beliefen sich im Jahr 2023 auf insgesamt 6,3 Millionen US-Dollar, was einem Beitrag von 3,9 % zu den gesamten Einnahmequellen entspricht.

Einkommenskategorie	Betrag (Mio. USD)
Zinserträge	4.2
Kapitalerträge	2.1

Kimbell Royalty Partners, LP (KRP) - Canvas Business Model: Value Propositions

You're looking at Kimbell Royalty Partners, LP (KRP) as a pure-play way to get exposure to US oil and gas royalties, and the value proposition is built squarely on passive income and low operational headaches. Honestly, the model is simple: Kimbell owns the land rights, and the big operators do the expensive, risky drilling.

High, compelling, and tax-advantaged cash yield for investors.

The cash yield is definitely the headline draw for Kimbell Royalty Partners, LP. For the third quarter of 2025, the declared cash distribution was $0.35 per common unit, payable on November 24, 2025. This translated to an annualized yield of 10.7% based on the November 5, 2025 closing price of $13.12 per common unit. This distribution policy is deliberate; management approved paying out 75% of cash available for distribution (CAD) to unitholders for Q3 2025. The remaining 25%, which amounted to approximately $12.6 million for the quarter, was aggressively applied to pay down debt under the secured revolving credit facility.

Pure-play royalty model with low capital expenditure (CapEx) risk.

This is the core of the asset-light story. Kimbell Royalty Partners, LP collects passive royalty payments from the companies actually operating the wells, like ConocoPhillips and ExxonMobil. This structure means Kimbell has zero capital expenditure requirements for drilling and completion activities. You get the upside without the operational burden. While the company uses debt for accretive acquisitions, like the $230 million Midland Basin deal closed in January 2025, it actively manages leverage. As of September 30, 2025, the Net Debt to Trailing Twelve Month (TTM) Consolidated Adjusted EBITDA stood at 1.6x. This is a key metric showing how the cash flow supports the debt load.

Diversified exposure across major US onshore basins.

Kimbell Royalty Partners, LP's asset base is spread across the most active US plays, which helps smooth out production volatility. As of late 2025, the portfolio covers interests in over 131,000 gross wells across 28 states. You are getting exposure to premier resource plays, with nearly 96% of production coming from seven key onshore plays. The Permian Basin is central, contributing 52% of revenue and 43% of production in Q1 2025, though Q2 saw the Permian account for 54% of revenue and 44% of production. The company's operational activity is high, with 86 active rigs drilling on its acreage as of September 30, 2025, representing approximately 16% market share of all land rigs drilling in the continental US.

Here's a look at the scale and activity supporting the royalty cash flow:

Metric	Value (As of Q3 2025 or latest reported)	Citation Context
Gross Wells	Over 131,000
Gross Acres	Over 17 million
Active Rigs on Acreage	86 (as of 9/30/25)
US Land Rig Market Share	Approximately 16% (as of 9/30/25)
Run-Rate Daily Production	25,530 Boe/d (Q3 2025)

The diversification spans basins including the Permian, Eagle Ford, Bakken, Appalachia, Mid-Continent, Haynesville, and Rockies.

Distributions via 1099-DIV, simplifying tax reporting (no K-1).

For you as an investor, the tax treatment is a major convenience. Kimbell Royalty Partners, LP distributions are structured to be largely non-taxable in the year received. For the third quarter of 2025, Kimbell expected approximately 100% of the distribution to constitute non-taxable reductions to the basis of your ownership interest, rather than being taxed as ordinary dividends. This is a significant advantage over many other energy partnerships that issue a K-1 form; Kimbell simplifies this by issuing a 1099-DIV.

You can see the trend in the tax treatment here:

• Q3 2025 Distribution Tax Estimate: Approximately 100% return of capital.
• Q2 2025 Distribution Tax Estimate: Approximately 100% return of capital.
• Q1 2025 Distribution Tax Estimate: Approximately 70% estimated to be non-taxable reductions to tax basis.

Kimbell Royalty Partners, LP (KRP) - Canvas Business Model: Customer Relationships

You're looking at how Kimbell Royalty Partners, LP (KRP) manages the crucial connections with its two main customer groups: the unitholders who provide capital and the operators who develop the assets generating the cash flow. For KRP, these relationships are built on predictable financial communication and clear transactional terms.

Investor Relations team for transparent financial communication

Kimbell Royalty Partners, LP maintains a consistent cadence of communication with its investors, which is key for an entity focused on royalty distributions. This isn't just about sending out a press release; it's about scheduled, in-depth reviews of performance. For instance, you can see the regular rhythm in their 2025 schedule, which included earnings calls for Q1 on May 8, Q2 on August 7, and Q3 on November 6. Also, they supplement these with investor-facing materials, such as the Winter 2025 Investor Presentation released on November 6, 2025. This structure helps you, the investor, model their cash flow expectations reliably.

Here's a look at the typical investor communication schedule you can expect from Kimbell Royalty Partners, LP:

Communication Type	Example Date (2025)	Time/Frequency
Q1 Earnings Call	May 8, 2025	11:00am - 12:00pm EDT
Q2 Earnings Call	August 7, 2025	11:00am - 12:00pm EDT
Q3 Earnings Call	November 6, 2025	11:00am - 12:00pm EST
Investor Presentation	November 6, 2025	Winter 2025 Presentation

Proactive disclosure of distribution policy (75% payout ratio)

The commitment to unitholders centers heavily on the distribution policy. Kimbell Royalty Partners, LP proactively discloses that it targets a 75% payout ratio of its cash available for distribution to common unitholders. This is a concrete action that sets expectations for the portion of cash flow returned to you versus the portion retained for balance sheet management, like paying down debt. For example, the Q3 2025 cash distribution of \$0.35 per common unit reflected this 75% policy, with the remaining 25% earmarked to pay down borrowings under the secured revolving credit facility. To be fair, the payout ratio based on free cash flow was reported slightly higher at 77.2% for the period ending September 2025. This clear policy helps manage the relationship by linking variable cash generation to a predictable return mechanism.

Transactional relationship with mineral sellers

When Kimbell Royalty Partners, LP acquires new assets, the relationship with the seller is purely transactional but grounded in a stated philosophy of fairness. They position themselves as a premier and trusted buyer of mineral rights and royalty interests. The value proposition offered to sellers is clear and direct, which helps streamline the acquisition process.

• Receive an upfront cash payment for the value of your mineral assets.
• Eliminate the uncertainty and risks associated with future royalty streams.
• Help facilitate estate management.

Kimbell states its integrity guides this approach, offering fair valuations for high-quality properties to ensure the best outcome for both parties involved in the transaction. This focus on quality assets, such as those in the Permian Basin, is central to their growth strategy.

Automated royalty payment processing with operators

The relationship with the operators-the companies actually drilling and producing the oil and gas-is fundamentally transactional and relies on efficient processing. Kimbell Royalty Partners, LP depends on these unaffiliated operators for all exploration and production on the acreage where KRP holds mineral and royalty interests. KRP's revenue is derived directly from the royalty payments these operators make based on the sale of production. While specific details on the automation technology aren't public, the scale of the operation implies a need for robust systems to handle payments from numerous sources. As of late 2025, Kimbell's portfolio spans interests in over 131,000 gross wells across 28 states. Historically, as of the end of 2015, they had over 700 operators on their acreage. Kimbell benefits because the operators cover all the exploration, development, and operating costs, meaning KRP incurs no associated operating costs or capital expenditures for these wells.

This operational reality means the relationship with operators is managed through contracts and payment schedules, not direct management. Here's a snapshot of the asset base that generates these payments:

Metric	Value (as of late 2025 data)	Context
Gross Wells Owned	Over 131,000	Across 28 states.
Permian Basin Wells	Over 52,000	Concentration in a key basin.
Active Rigs on Acreage (Q3 2025)	86	Represents approximately 16% U.S. land rig market share.
Q3 2025 Run-Rate Production	25,530 Boe per day (6:1)	Direct input for royalty revenue calculation.

Finance: draft the Q4 2025 cash flow projection incorporating the 75% distribution policy by January 15, 2026.

Kimbell Royalty Partners, LP (KRP) - Canvas Business Model: Channels

You're looking at how Kimbell Royalty Partners, LP (KRP) gets its message out and how it finds new assets. The public face starts with the New York Stock Exchange (NYSE), where the common units trade under the ticker KRP. As of December 5, 2025, the market capitalization stood at $956.46 M, based on 93.40 M shares outstanding. The trading volume on that day was relatively low, with 10,062.00 units traded. The 52-week trading range for KRP units has been between a low of $10.98 and a high of $16.99.

The Investor Relations website, www.kimbellrp.com, serves as the central hub for current and prospective investors. This channel is key for disseminating official updates, including quarterly earnings calls. For instance, the Third Quarter 2025 Results were announced on November 6, 2025, followed by the corresponding Earnings Conference Call scheduled from 11:00am - 12:00pm EST on the same day. You can find the latest deep dive materials there, such as the Winter 2025 Investor Presentation, also posted on November 6, 2025.

Kimbell Royalty Partners, LP uses several methods to reach the broader financial community, which includes analysts and the investment public.

• Investor Relations website: www.kimbellrp.com.
• Quarterly Earnings Calls: Held for Q1, Q2, and Q3 2025 results.
• Investor Presentation Updates: Posted on the website following major announcements.
• Tax Information: Provides documentation for investors, noting that KRP issues a 1099-DIV instead of a K-1 due to its corporate tax election.

Market reach through financial news outlets and analyst reports shows a mixed but engaged view of KRP. As of late 2025, Kimbell Royalty Partners, LP is covered by 11 analysts. The consensus rating from some sources around December 2025 was a Hold, with an average price target of $14.50, implying an 8.29% upside from that period's closing price.

Here's a snapshot of the analyst sentiment and trading data around the Q3 2025 release:

Metric	Value (Late 2025)	Source Context
Total Analysts Covering	11	Analyst Coverage Count
Analyst Consensus Rating	Hold	TipRanks Consensus
Average Price Target	$14.50	Price Forecast
Implied Upside from Target	8.29%	Price Forecast Calculation
Q3 2025 Cash Distribution	$0.35 per Common Unit	Declared Distribution
Implied Annualized Yield (Nov 5, 2025 price)	10.7%	Distribution Yield Calculation

The direct outreach channel is focused on the core business: acquiring mineral and royalty interests. This is a relationship-driven process with mineral owners. The success of this channel is evident in major capital deployment, such as the $230.4M cash expenditure in Q1 2025 to acquire rights across 68,000 acres in the Mabee Ranch, Midland Basin, Texas. Kimbell Royalty Partners, LP's scale, which is built through these acquisitions, is substantial.

The scale of Kimbell Royalty Partners, LP's asset base, which is the direct result of its acquisition channel, is detailed below:

Asset Metric	Quantity (Late 2025)	Key Location/Context
Gross Acres Owned	Over 17 million	Across 28 states
Gross Wells Owned	More than 131,000	Total Operated Wells
Wells in Permian Basin	Over 52,000	Permian Basin Specifics
Active Rigs on Acreage (Q3 2025)	86	Represents approx. 16.2% U.S. Land Rig Market Share
Net DUCs & Permitted Locations (Q3 2025)	7.07 net	Total DUCs (4.30 net) and Permits (2.77 net)

The company maintains a conservative balance sheet, with net debt to third quarter 2025 trailing twelve month consolidated Adjusted EBITDA of approximately 1.6x as of September 30, 2025, which supports continued acquisition funding. Finance: draft 13-week cash view by Friday.

Kimbell Royalty Partners, LP (KRP) - Canvas Business Model: Customer Segments

You're looking at the customer base for Kimbell Royalty Partners, LP (KRP) as of late 2025. Honestly, Kimbell doesn't have customers in the traditional sense of selling a product; instead, its 'customers' are the counterparties that generate the cash flow-the royalty owners who sell their interests to Kimbell, and the operators who drill on Kimbell's acreage. But for the Business Model Canvas, we focus on who Kimbell serves and who provides the capital.

The primary groups Kimbell Royalty Partners, LP serves can be broken down into those providing capital (investors) and those providing the activity (operators). Here's how the segments look based on the Q3 2025 data.

Income-focused retail and institutional investors are looking for yield and tax efficiency. They are buying Kimbell common units, which trade on the NYSE. You saw the Q3 2025 cash distribution was declared at $0.35 per common unit. That translated to an annualized yield of 10.7% based on the November 5, 2025 closing price of $13.12 per unit. The appeal here is that Kimbell estimates approximately 100% of this distribution is considered a return of capital, meaning it's tax advantaged for the unitholder. Institutional ownership stood at 31.63% recently, while insider ownership was 4.36%. As of September 30, 2025, there were 93,396,488 common units outstanding.

Energy-sector portfolio managers seeking low-risk exposure value Kimbell's pure-play royalty structure. They want commodity exposure without the capital expenditure headache. Kimbell owns mineral and royalty interests across over 131,000 gross wells in 28 states. The key benefit for these managers is that Kimbell has zero associated operating costs or capital expenditures to support the production. The financial health metrics show a net debt to Q3 2025 trailing twelve month consolidated Adjusted EBITDA ratio of approximately 1.6x, and Q3 2025 consolidated Adjusted EBITDA was $62.3 million. Plus, as of September 30, 2025, they had $176.5 million in undrawn capacity on their credit facility, showing good liquidity.

For mineral and royalty owners looking for a defintely clean exit, Kimbell positions itself as the premier consolidator. You know the minerals space is fragmented; Kimbell is actively buying. They have completed over $2.0 billion in M&A transactions since their 2017 IPO, aiming to grow their acreage in that estimated $719 billion market. They offer a clean exit because once they buy the interest, the seller is done with land management, regulatory filings, and dealing with operators-Kimbell takes on that relationship.

Finally, the oil and gas operators seeking high-quality, de-risked acreage to drill are Kimbell's operational partners. These are the companies paying the royalties. Kimbell's acreage is highly active; as of September 30, 2025, there were 86 rigs actively drilling across their properties. That represented about 16% market share of all land rigs drilling in the continental US at that time. Operators are drilling into Kimbell's inventory, which included 7.07 net DUCs and net permitted locations as of that date, which is more than the estimated 6.5 net wells needed just to maintain flat production. This high activity in their core areas-where approximately ~98% of all Lower 48 onshore rigs operate-makes Kimbell's acreage attractive for development.

Here's a quick look at the operational scale that supports these segments:

• Gross Wells with Kimbell Interest: Over 131,000
• Gross Acres Owned: Over 17 million
• Q3 2025 Run-Rate Daily Production: 25,530 Boe/d
• Production Mix (Q3 2025): 52% Liquids (32% Oil, 20% NGLs)
• Production Mix (Q3 2025): 48% Natural Gas

The relationship with operators is key, as Kimbell collects royalty payments based on their production volumes and commodity prices, without any associated capital outlay. The table below summarizes key financial and operational data relevant to these customer/counterparty groups as of late 2025.

Metric	Value (As of Q3 2025 or Nov 2025)	Segment Relevance
Q3 2025 Cash Distribution per Common Unit	$0.35	Investors (Yield)
Annualized Cash Yield (Nov 5, 2025 Price)	10.7%	Investors (Income Focus)
Active Rigs Drilling on Acreage (Sept 30, 2025)	86	Operators (Activity Level)
Market Share of U.S. Land Rigs (Sept 30, 2025)	Approx. 16%	Operators (Acreage Quality)
Net Debt / TTM Adj. EBITDA (Q3 2025)	Approx. 1.6x	Portfolio Managers (Risk/Leverage)
Q3 2025 Consolidated Adjusted EBITDA	$62.3 million	Portfolio Managers (Financial Health)
Undrawn Credit Facility Capacity (Sept 30, 2025)	$176.5 million	Portfolio Managers (Liquidity)
Net DUCs + Permitted Locations (Sept 30, 2025)	7.07 net	Operators (Inventory Depth)

You can see the model is built around attracting capital from investors seeking yield and low-risk exposure, while simultaneously ensuring high development activity from the operators on the ground. Finance: draft 13-week cash view by Friday.

Kimbell Royalty Partners, LP (KRP) - Canvas Business Model: Cost Structure

You're looking at the core expenses Kimbell Royalty Partners, LP (KRP) faces to keep the royalty machine running. For a royalty company, the cost structure is generally leaner than an operator's, but you still have overhead, financing costs, and the capital deployed for growth.

The General and Administrative (G&A) expenses show a clear focus on operational discipline, which is key for a partnership structure like KRP. The total G&A for the third quarter of 2025 hit $10.1 million.

Here's a quick breakdown of that G&A for Q3 2025:

• Cash G&A expense was $5.9 million.
• Cash G&A expense per BOE was $2.51.
• Non-cash unit-based compensation expense was $4.2 million.

G&A Component	Q3 2025 Amount	Notes
Total G&A Expense	$10.1 million	Total reported G&A for the quarter.
Cash G&A Expense	$5.9 million	The direct cash outlay for running the business.
Cash G&A per BOE	$2.51	Reflects operational leverage, as stated by management.
Unit-Based Compensation	$4.2 million	A non-cash expense impacting reported net income.

Interest expense on the secured revolving credit facility is a direct financing cost you need to watch. As of September 30, 2025, Kimbell Royalty Partners, LP had approximately $448.5 million in debt outstanding under this facility. The interest expense itself will fluctuate based on the prevailing rates applied to this outstanding balance. Kimbell Royalty Partners, LP intends to use 25% of its cash available for distribution from Q3 2025 to pay down a portion of this revolver debt, which helps manage the interest cost base going forward.

Acquisition costs for new mineral and royalty interests drive the growth component of the cost structure, though these are often capitalized or netted against asset sales. Kimbell Royalty Partners, LP management tends to be very careful and selective with these purchases, aiming to stay disciplined. On average, management has indicated they execute somewhere between one and three deals per year. The cost structure here is less about recurring operational expense and more about the capital deployed for the next set of cash-flowing assets.

The non-cash expenses are significant for understanding distributable cash flow versus GAAP net income. Unit-based compensation, which is a non-cash G&A expense, totaled $4.2 million in the third quarter of 2025. This amount is added back when calculating non-GAAP measures like Adjusted EBITDA, which management uses to evaluate operating performance.

You should also keep an eye on other variable costs that impact the net revenue realized, even if they aren't strictly part of the G&A line item. For instance, marketing deductions were noted as elevated in Q3 2025 due to the production mix, which is a cost Kimbell Royalty Partners, LP manages through its marketing arrangements.

Finance: draft 13-week cash view by Friday.

Kimbell Royalty Partners, LP (KRP) - Canvas Business Model: Revenue Streams

You're looking at Kimbell Royalty Partners, LP (KRP) and need to map out exactly where the cash comes from. Since KRP is an asset-light mineral and royalty interest owner, the revenue streams are wonderfully straightforward: they collect passive royalty payments from the operators drilling on their acreage. This means Kimbell Royalty Partners, LP doesn't bear the capital or operating expenses; they just collect their slice of the production pie.

The headline number you need to see for the third quarter of 2025 is the total revenue, which hit $80.6 million for Q3 2025. That figure reflects the spot market prices for oil, natural gas, and NGLs during that period. For context, the estimated full-year 2025 sales projection sits at approximately $336.65 million. Kimbell Royalty Partners, LP's growth engine relies heavily on accretive acquisitions, like the $230 million acquisition of Midland Basin interests completed in January 2025, which immediately added about 1,842 Boe/d to the run-rate. That's how you bolt-on revenue growth when you don't drill yourself.

The core of the revenue is the royalty payments from oil, natural gas, and NGL production. For Q3 2025, the revenue specifically from these commodities totaled $76.8 million. This revenue is directly tied to the run-rate daily production, which Kimbell Royalty Partners, LP reported at over 25,530 Boe/d for Q3 2025. The Permian Basin remains central to this, contributing about 54% of revenue based on Q2 2025 data.

Here's a quick look at the commodity revenue breakdown and the realized prices that drove that $76.8 million figure in Q3 2025:

Commodity Revenue Source	Q3 2025 Revenue (Millions USD)	Q3 2025 Average Realized Price
Oil, Natural Gas, and NGLs (Total)	$76.8	N/A
Oil (Bbl)	Implied from Mix	$64.21 per Bbl
Natural Gas (Mcf)	Implied from Mix	$2.47 per Mcf
NGLs (Bbl)	Implied from Mix	$21.74 per Bbl

The production mix itself tells you where the volume is coming from, which is key to understanding the revenue stability. You can see the shift toward gas compared to prior periods.

• Run-rate daily production for Q3 2025 was 25,530 Boe/d.
• Production was composed of approximately 48% from natural gas.
• Liquids accounted for approximately 52% of production volume.
• The liquids split was roughly 32% from oil and 20% from NGLs.

Kimbell Royalty Partners, LP's structure means its revenue is a function of volume (which acquisitions and drilling activity affect) and commodity prices. The company actively hedges price risks using oil and natural gas options and futures contracts to manage the volatility inherent in this revenue stream. Finance: draft 13-week cash view by Friday.