Kimbell Royalty Partners, LP (KRP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el mundo de la inversión de energía estratégica con Kimbell Royalty Partners, LP (KRP), un jugador dinámico que transforma los derechos minerales en una oportunidad de ingreso pasivo lucrativo. Esta compañía innovadora ha forjado un nicho único en el sector de petróleo y gas, ofreciendo a los inversores un enfoque sofisticado para la diversificación de cartera del sector energético que minimiza los riesgos operativos al tiempo que maximiza los rendimientos potenciales. Al aprovechar un intrincado modelo de negocio que une la adquisición de derechos minerales, el seguimiento de la producción y las relaciones estratégicas de los inversores, KRP presenta un vehículo de inversión convincente para aquellos que buscan exposición al mercado energético complejo y potencialmente gratificante.

Kimbell Royalty Partners, LP (KRP) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners mantiene asociaciones con múltiples compañías de exploración:

Empresa asociada	Posición de superficie	Cuencas primarias
Energía de Diamondback	45,000 acres minerales netos	Cuenca del permisa
Recursos naturales pioneros	32,000 acres minerales netos	Cuenca de Delaware
Corporación Chevron	18,500 acres minerales netos	Eagle Ford Shale

Propietarios de derechos minerales y vendedores

La estrategia de adquisición de derechos minerales de KRP implica:

• Acres de minerales y regalías totales: 352,000 al 31 de diciembre de 2023
• Costo de adquisición promedio por acre mineral: $ 2,750
• Volumen de transacción de derechos minerales anuales: aproximadamente $ 150-200 millones

Bancos de inversión y asesores financieros

Institución financiera	Servicio proporcionado	Valor de transacción
Raymond James	Recaudación de capital	Capacidad de crédito de $ 275 millones
Wells Fargo	Financiación de la deuda	Línea de crédito giratorio de $ 400 millones

Firmas legales especializadas en transacciones energéticas

Las asociaciones legales clave incluyen:

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

Proveedores de tecnología para la gestión de activos

Proveedor de tecnología	Solución	Inversión anual
Enverus	Software de mapeo geológico	$750,000
Incendio	Plataforma de análisis de datos	$450,000

Kimbell Royalty Partners, LP (KRP) - Modelo de negocios: actividades clave

Adquirir y administrar intereses minerales y de regalías

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners administra aproximadamente 380,000 acres minerales netos en las cuencas clave de EE. UU.

Región geográfica	Acres minerales netos	Cuenca primaria
Cuenca del permisa	185,000	Texas/Nuevo México
Águila Ford	85,000	South Texas
Haynesville	65,000	Louisiana/Texas

Evaluación de inversiones potenciales de propiedad energética

El proceso de evaluación de inversiones se centra en:

• Evaluación geológica
• Potencial de producción
• Datos de producción históricos
• Viabilidad económica

Negociar y ejecutar compras de derechos minerales

En 2023, Kimbell completó adquisiciones de derechos minerales por un total de $ 237 millones.

Monitoreo y seguimiento de la producción de petróleo y gas

Métrica de producción	2023 Volumen anual
Producción de petróleo	16.7 millones de barriles
Producción de gas natural	98.3 mil millones de pies cúbicos

Distribuir ingresos de regalías a socios limitados

2023 Distribución trimestral: $ 0.51 por unidad común, que representa aproximadamente $ 61.2 millones en distribuciones totales.

Kimbell Royalty Partners, LP (KRP) - Modelo de negocios: recursos clave

Extensa cartera de intereses minerales y de regalías

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners administra:

Tipo de activo	Cantidad	Concentración geográfica
Acres mineral	47,000 acres minerales netos	Cuenca Pérmica (70% de la cartera)
Intereses de regalías	Aproximadamente 71,000 acres de regalías netos	Texas, Nuevo México, Regiones de Oklahoma

Capacidades de capital financiero y de inversión sólidos

Recursos financieros al 31 de diciembre de 2023:

• Activos totales: $ 873.2 millones
• Equidad de los accionistas: $ 618.4 millones
• Capacidad de la facilidad de crédito: $ 500 millones
• Base de préstamos actuales: $ 350 millones

Equipo de gestión experimentado

Puesto ejecutivo	Años de experiencia energética
CEO	Más de 25 años
director de Finanzas	Más de 20 años en finanzas energéticas
Oficial de Operaciones	22 años en gestión de derechos minerales

Análisis de datos avanzados y sistemas de seguimiento de activos

Inversiones de infraestructura tecnológica:

• Sistemas de seguimiento de producción en tiempo real
• Tecnología de mapeo geológico patentado
• Modelos de valoración de activos habilitados para el aprendizaje automático

Posicionamiento geográfico estratégico

Región energética	Porcentaje de cartera
Cuenca del permisa	70%
Eagle Ford Shale	15%
Otras regiones estadounidenses	15%

Kimbell Royalty Partners, LP (KRP) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos a través de inversiones de regalías

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners manejó aproximadamente 42,500 acres de minerales y regalías netos en regiones clave de petróleo y gas de EE. UU. La compañía generó $ 125.4 millones en ingresos totales para el año fiscal 2023.

Métrico de ingresos	Valor 2023
Ingresos totales	$ 125.4 millones
Acres minerales netos	42,500 acres
Producción diaria promedio	18,500 boe/día

Exposición diversificada a la producción de petróleo y gas

La cartera de KRP abarca múltiples regiones clave:

• Cuenca de Delaware: 23,000 acres minerales netos
• Cuenca de Midland: 12,500 acres minerales netos
• Eagle Ford Shale: 5,000 acres minerales netos
• Otras regiones: 2,000 acres minerales netos

Menor riesgo operativo en comparación con la perforación directa

Métricas de mitigación de riesgos:

• La propiedad de regalías reduce los gastos operativos directos
• No hay requisitos de gasto de capital directo para la perforación
• Responsabilidad reducida en comparación con las inversiones de intereses laborales

Potencial para distribuciones de flujo de efectivo consistentes

En 2023, KRP distribuyó $ 74.6 millones en distribuciones de efectivo totales a los unitholders, con una distribución trimestral promedio de $ 18.65 millones.

Métrico de distribución	Valor 2023
Distribuciones anuales totales	$ 74.6 millones
Distribución trimestral promedio	$ 18.65 millones
Rendimiento de distribución	8.5%

Oportunidad para la inversión de cartera en el sector energético

Posicionamiento del mercado a partir de diciembre de 2023:

• Capitalización de mercado: $ 842 millones
• Valor empresarial: $ 1.1 mil millones
• Precio por unidad: $ 12.50

Kimbell Royalty Partners, LP (KRP) - Modelo de negocios: relaciones con los clientes

Informes financieros trimestrales transparentes

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners reportó ingresos totales de $ 75.4 millones. La compañía proporciona informes financieros trimestrales detallados con las siguientes métricas clave:

Métrica financiera	Valor Q4 2023
Ingresos totales	$ 75.4 millones
Lngresos netos	$ 22.1 millones
Ebitda ajustado	$ 48.3 millones

Comunicación de los inversores y actualizaciones regulares

Kimbell Royalty Partners mantiene canales integrales de comunicación de inversores:

• Llamadas de conferencia trimestrales de ganancias con gestión
• Presentaciones anuales de inversores
• SEC que presenta transparencia
• Distribución de comunicaciones de prensa

Portal de inversores en línea y compromiso digital

La plataforma de relaciones con inversores digitales de la compañía ofrece:

• Seguimiento de rendimiento de acciones en tiempo real
• Paneles financieros interactivos
• Informes financieros descargables
• Envíe un correo electrónico a las suscripciones de alerta de inversores

Apoyo a las relaciones con los inversores personalizados

Canal de soporte	Datos de contacto
Teléfono de relaciones con los inversores	(214) 969-5530
Contacto por correo electrónico	investors@kimbellroyalty.com
Equipo de relaciones con inversores dedicado	3 profesionales a tiempo completo

Gestión de confianza de los inversores basados ​​en el rendimiento

Kimbell Royalty Partners mantiene la confianza de los inversores a través de métricas de rendimiento consistentes:

Métrico de rendimiento	Valor 2023
Retorno total de los accionistas	18.7%
Rendimiento de dividendos	8.5%
Reservas probadas	47.3 millones de boe

Kimbell Royalty Partners, LP (KRP) - Modelo de negocios: canales

Listado de la Bolsa de Valores (NYSE)

Kimbell Royalty Partners, LP intercambia bajo el símbolo del ticker KRP en la Bolsa de Nueva York (NYSE).

Intercambio	Símbolo de ticker	Fecha de listado
bolsa de Nueva York	KRP	26 de enero de 2017

Sitio web de relaciones con los inversores

Sitio web oficial de Relaciones con los Inversores: www.kimbellroyalty.com

• Proporciona informes financieros
• Presentaciones de ganancias trimestrales
• SEC que presenta documentos
• Información de gobierno corporativo

Conferencias financieras y presentaciones de inversores

Tipo de conferencia	Frecuencia	Plataforma
Conferencias de inversión energética	Trimestral	En persona y virtual
Presentaciones del día de los inversores	Anualmente	Transmisión web y transmisión en vivo

Plataformas de comunicación digital

• Relaciones con inversores boletines de correo electrónico
• Página corporativa de LinkedIn
• Distribución de comunicados de prensa corporativos
• Plataformas de transmisión web de inversores

Llamadas de ganancias trimestrales y comunicaciones de inversores

Método de comunicación	Frecuencia	Plataforma
Llamadas de conferencia de ganancias	Trimestral	Transmisión web y teléfono
Comunicados de prensa de ganancias	Trimestral	Sitio web de la empresa y presentaciones de la SEC

Kimbell Royalty Partners, LP (KRP) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners atrae a inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de propiedad	Volumen de inversión
Fondos de pensiones	22.4%	$ 87.3 millones
Fondos mutuos	18.6%	$ 72.5 millones
Empresas de gestión de inversiones	15.9%	$ 62.1 millones

Inversores individuales de alto nivel de red

Kimbell Royalty Partners se dirige a personas de alto valor de la red con características de inversión específicas:

• Inversión promedio por individuo: $ 425,000
• Rango típico de patrimonio neto: $ 5 millones - $ 50 millones
• Edad media de los inversores: 55-65 años

Fondos de inversión del sector energético

Asignación de fondos de inversión centrados en la energía para KRP:

Tipo de fondo	Tamaño de inversión	Porcentaje de cartera
Fondos de energía especializados	$ 156.7 millones	35.2%
Fondos de recursos naturales	$ 98.4 millones	22.1%

Gerentes de cartera de jubilación

Detalles de asignación de cartera de jubilación:

• Inversiones totales de fondos de jubilación: $ 214.6 millones
• Porcentaje de asignación promedio: 3.7% de la cartera total
• Horizonte de inversión típico: 7-10 años

Inversores de búsqueda de ingresos tolerantes al riesgo

Riesgo de inversionista y características de ingresos:

Riesgo Profile	Rendimiento anual promedio	Rendimiento de dividendos
Riesgo moderado a alto	8.3%	6.5%

Kimbell Royalty Partners, LP (KRP) - Modelo de negocio: Estructura de costos

Costos de adquisición de derechos minerales y de regalías

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners informó los siguientes gastos relacionados con la adquisición:

Categoría de adquisición	Costo total ($)
Compras de derechos minerales	42,650,000
Adquisición de intereses de regalías	38,275,000
Costos de adquisición total	80,925,000

Gastos administrativos y operativos

Desglose de costos operativos para el año fiscal 2023:

• Gastos generales y administrativos: $ 24,300,000
• Compensación de empleados: $ 17,850,000
• Mantenimiento de la oficina: $ 3,450,000
• Gastos generales operativos: $ 5,600,000

Tarifas legales y de cumplimiento

Categoría de cumplimiento	Costo anual ($)
Cumplimiento regulatorio	2,750,000
Servicios de asesoramiento legal	1,980,000
Auditoría e informes	1,450,000

Inversiones de gestión de tecnología y datos

Inversiones de infraestructura tecnológica para 2023:

• Sistemas de gestión de datos: $ 3,200,000
• Software de mapeo geológico: $ 1,750,000
• Mejoras de ciberseguridad: $ 1,350,000
• Infraestructura de computación en la nube: $ 2,100,000

Gastos de marketing y relaciones con los inversores

Categoría de marketing	Gasto anual ($)
Comunicación de inversores	1,250,000
Marketing digital	750,000
Participación de la conferencia y eventos	450,000

Kimbell Royalty Partners, LP (KRP) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de la producción de petróleo y gas

A partir del cuarto trimestre de 2023, Kimbell Royalty Partners reportó ingresos totales de $ 79.4 millones. Los ingresos por regalías de la producción de petróleo fueron de $ 54.2 millones, mientras que las regalías de producción de gas representaron $ 25.2 millones.

Fuente de ingresos	Cantidad ($ m)	Porcentaje
Ingresos de regalías petroleras	54.2	68.3%
Ingresos de regalías de gas	25.2	31.7%

Ventas y transferencias de derechos minerales

En 2023, Kimbell ejecutó adquisiciones de minerales y regalías por un total de $ 145.6 millones en múltiples cuencas.

• Adquisiciones de la cuenca Pérmica: $ 92.3 millones
• Transacciones Eagle Ford Shale: $ 37.5 millones
• Otras transferencias de derechos minerales de la cuenca: $ 15.8 millones

Retornos de inversión de la cartera de propiedades

La cartera de inversiones inmobiliarias de la Compañía generó $ 18.7 millones en rendimientos de inversión neta para 2023.

Distribución basada en el rendimiento a socios limitados

Kimbell distribuyó $ 62.5 millones a socios limitados en 2023, con una distribución por unidad de $ 0.92.

Ingresos de intereses e inversiones

Los ingresos por intereses e inversiones para 2023 totalizaron $ 6.3 millones, lo que representa una contribución del 3.9% a los flujos de ingresos totales.

Categoría de ingresos	Cantidad ($ m)
Ingresos por intereses	4.2
Ingresos de inversión	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.