Kimbell Royalty Partners, LP (KRP): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde de l'investissement énergétique stratégique avec Kimbell Royalty Partners, LP (KRP), un joueur dynamique transformant les droits minéraux en une opportunité de revenu passive lucrative. Cette entreprise innovante a taillé un créneau unique dans le secteur du pétrole et du gaz, offrant aux investisseurs une approche sophistiquée de la diversification du portefeuille du secteur de l'énergie qui minimise les risques opérationnels tout en maximisant les rendements potentiels. En tirant parti d'un modèle commercial complexe qui plie l'acquisition des droits minéraux, le suivi de la production et les relations stratégiques des investisseurs, KRP présente un véhicule d'investissement convaincant pour ceux qui cherchent une exposition au marché de l'énergie complexe et potentiellement enrichissant.

Kimbell Royalty Partners, LP (KRP) - Modèle commercial: partenariats clés

Sociétés d'exploration du pétrole et du gaz

Au quatrième trimestre 2023, Kimbell Royalty Partners entretient des partenariats avec plusieurs sociétés d'exploration:

Entreprise partenaire	Position de superficie	Bassins primaires
Énergie de diamant	45 000 acres minéraux nets	Bassin permien
Ressources naturelles pionnières	32 000 acres minéraux nets	Bassin du Delaware
Chevron Corporation	18 500 acres minéraux nets	Eagle Ford Schiste

Propriétaires et vendeurs des droits minéraux

La stratégie d'acquisition des droits minéraux de KRP implique:

• ACRES TOTAL MINÉRAL ET ROYETÉS: 352 000 au 31 décembre 2023
• Coût moyen d'acquisition par acre minéral: 2 750 $
• Volume annuel des transactions en matière de droits minéraux: environ 150 à 200 millions de dollars

Banques d'investissement et conseillers financiers

Institution financière	Service fourni	Valeur de transaction
Raymond James	Levage de capitaux	CONDITION DE CRÉDIT de 275 millions de dollars
Wells Fargo	Financement de la dette	Ligne de crédit renouvelable de 400 millions de dollars

Des entreprises juridiques spécialisées dans les transactions énergétiques

Les partenariats juridiques clés comprennent:

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

Fournisseurs de technologies pour la gestion des actifs

Fournisseur de technologie	Solution	Investissement annuel
Enverus	Logiciel de cartographie géologique	$750,000
Feu de spot	Plateforme d'analyse de données	$450,000

Kimbell Royalty Partners, LP (KRP) - Modèle commercial: activités clés

Acquérir et gérer les intérêts minéraux et redevances

Au quatrième trimestre 2023, Kimbell Royalty Partners gère environ 380 000 acres minéraux nets dans les principaux bassins américains.

Région géographique	Acres minéraux nets	Bassin primaire
Bassin permien	185,000	Texas / Nouveau-Mexique
Eagle Ford	85,000	South Texas
Haynesville	65,000	Louisiane / Texas

Évaluation des investissements immobiliers potentiels

Le processus d'évaluation des investissements se concentre sur:

• Évaluation géologique
• Potentiel de production
• Données de production historiques
• Faisabilité économique

Négocier et exécuter les achats de droits minéraux

En 2023, Kimbell a terminé les acquisitions de droits miniers totalisant 237 millions de dollars.

Surveillance et suivi de la production de pétrole et de gaz

Métrique de production	2023 Volume annuel
Production de pétrole	16,7 millions de barils
Production de gaz naturel	98,3 milliards de pieds cubes

Distribution des revenus de redevances aux partenaires limités

2023 Distribution trimestrielle: 0,51 $ par unité commune, représentant environ 61,2 millions de dollars de distributions totales.

Kimbell Royalty Partners, LP (KRP) - Modèle commercial: Ressources clés

Portefeuille approfondie d'intérêts minéraux et de redevances

Au quatrième trimestre 2023, Kimbell Royalty Partners gère:

Type d'actif	Quantité	Concentration géographique
Acres minéraux	47 000 acres minéraux nets	Basin Permien (70% du portefeuille)
Intérêts de redevance	Environ 71 000 acres de redevances nettes	Régions du Texas, du Nouveau-Mexique, de l'Oklahoma

Capacités financières et investissements solides

Ressources financières au 31 décembre 2023:

• Actif total: 873,2 millions de dollars
• Présentation des actionnaires: 618,4 millions de dollars
• Capacité de facilité de crédit: 500 millions de dollars
• Base d'emprunt actuelle: 350 millions de dollars

Équipe de gestion expérimentée

Poste de direction	Années d'expérience énergétique
PDG	Plus de 25 ans
Directeur financier	Plus de 20 ans dans le financement de l'énergie
Chef de l'exploitation	22 ans en gestion des droits minéraux

Systèmes avancés d'analyse des données et de suivi des actifs

Investissements infrastructures technologiques:

• Systèmes de suivi de production en temps réel
• Technologie de cartographie géologique propriétaire
• Modèles d'évaluation des actifs à apprentissage automatique

Positionnement géographique stratégique

Région énergétique	Pourcentage de portefeuille
Bassin permien	70%
Eagle Ford Schiste	15%
Autres régions américaines	15%

Kimbell Royalty Partners, LP (KRP) - Modèle d'entreprise: propositions de valeur

Génération des revenus passifs grâce à des investissements de redevances

Au quatrième trimestre 2023, Kimbell Royalty Partners a géré environ 42 500 acres de minéraux et de redevances nets dans les principales régions pétrolières et gaziers américaines. La société a généré 125,4 millions de dollars de revenus totaux pour l'exercice 2023.

Métrique des revenus	Valeur 2023
Revenus totaux	125,4 millions de dollars
Acres minéraux nets	42 500 acres
Production quotidienne moyenne	18 500 Boe / jour

Exposition diversifiée à la production de pétrole et de gaz

Le portefeuille de KRP couvre plusieurs régions clés:

• Basin Delaware: 23 000 acres minéraux nets
• Basin Midland: 12 500 acres minéraux nets
• Eagle Ford Shale: 5 000 acres minéraux nets
• Autres régions: 2 000 acres minéraux nets

Risque opérationnel plus faible par rapport au forage direct

Métriques d'atténuation des risques:

• La propriété des redevances réduit les dépenses opérationnelles directes
• Aucune exigence directe des dépenses en capital pour le forage
• Responsabilité réduite par rapport aux investissements des intérêts professionnels

Potentiel de distributions de flux de trésorerie cohérentes

En 2023, KRP a distribué 74,6 millions de dollars de distributions de trésorerie totales aux partholders, avec une distribution trimestrielle moyenne de 18,65 millions de dollars.

Métrique de distribution	Valeur 2023
Distributions annuelles totales	74,6 millions de dollars
Distribution trimestrielle moyenne	18,65 millions de dollars
Rendement en distribution	8.5%

Opportunité d'investissement de portefeuille dans le secteur de l'énergie

Positionnement du marché en décembre 2023:

• Capitalisation boursière: 842 millions de dollars
• Valeur d'entreprise: 1,1 milliard de dollars
• Prix ​​par unité: 12,50 $

Kimbell Royalty Partners, LP (KRP) - Modèle d'entreprise: relations clients

Rapports financiers trimestriels transparents

Au quatrième trimestre 2023, Kimbell Royalty Partners a déclaré un chiffre d'affaires total de 75,4 millions de dollars. La Société fournit des rapports financiers trimestriels détaillés avec les mesures clés suivantes:

Métrique financière	Valeur du trimestre 2023
Revenus totaux	75,4 millions de dollars
Revenu net	22,1 millions de dollars
EBITDA ajusté	48,3 millions de dollars

Communication des investisseurs et mises à jour régulières

Kimbell Royalty Partners entretient des canaux de communication des investisseurs complets:

• Conférence téléphonique trimestrielle avec la direction
• Présentations des investisseurs annuels
• Transparence du dépôt de la SEC
• Distribution du communiqué de presse

Portail des investisseurs en ligne et engagement numérique

La plateforme de relations avec les investisseurs numériques de l'entreprise propose:

• Suivi des performances des stocks en temps réel
• Tableaux de bord financiers interactifs
• Rapports financiers téléchargeables
• Abonnements à alerte des investisseurs par e-mail

Support des relations avec les investisseurs personnalisés

Canal de support	Coordonnées
Téléphone des relations avec les investisseurs	(214) 969-5530
Contact par e-mail	investors@kimbellroyalty.com
Équipe de relations avec les investisseurs dévoués	3 professionnels à temps plein

Gestion de la confiance des investisseurs axée sur les performances

Kimbell Royalty Partners maintient la confiance des investisseurs grâce à des mesures de performance cohérentes:

Métrique de performance	Valeur 2023
Rendement total des actionnaires	18.7%
Rendement des dividendes	8.5%
Réserves éprouvées	47,3 millions de BOE

Kimbell Royalty Partners, LP (KRP) - Modèle commercial: canaux

Listing de bourse (NYSE)

Kimbell Royalty Partners, LP Trades sous le symbole de ticker Krp à la Bourse de New York (NYSE).

Échange	Symbole de ticker	Date d'inscription
Nyse	Krp	26 janvier 2017

Site Web de relations avec les investisseurs

Site Web de relations avec les investisseurs officiels: www.Kimbellroyyty.com

• Fournit des rapports financiers
• Présentations de bénéfices trimestriels
• Documents de dépôt de la SEC
• Informations sur la gouvernance d'entreprise

Conférences financières et présentations des investisseurs

Type de conférence	Fréquence	Plate-forme
Conférences d'investissement énergétique	Trimestriel	En personne et virtuel
Présentations de la journée des investisseurs	Annuellement	Webdiffion et flux en direct

Plateformes de communication numérique

• Relations des investisseurs e-mail newsletters
• Page d'entreprise LinkedIn
• Distribution des communiqués de presse d'entreprise
• Plateformes de webdiffusion des investisseurs

Appels de bénéfices trimestriels et communications des investisseurs

Méthode de communication	Fréquence	Plate-forme
Conférences téléphoniques sur les gains	Trimestriel	Webdiffusion et téléphone
Communiqués de presse des gains	Trimestriel	Discôts de site Web de l'entreprise et de SEC

Kimbell Royalty Partners, LP (KRP) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Kimbell Royalty Partners attire les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Pourcentage de propriété	Volume d'investissement
Fonds de pension	22.4%	87,3 millions de dollars
Fonds communs de placement	18.6%	72,5 millions de dollars
Sociétés de gestion des investissements	15.9%	62,1 millions de dollars

Investisseurs individuels à haute nette

Kimbell Royalty Partners cible les individus à haute nette avec des caractéristiques d'investissement spécifiques:

• Investissement moyen par individu: 425 000 $
• Gamme de valeur nette typique: 5 millions de dollars - 50 millions de dollars
• Âge médian des investisseurs: 55 à 65 ans

Fonds d'investissement du secteur de l'énergie

Attribution des fonds d'investissement axés sur l'énergie pour KRP:

Type de fonds	Taille de l'investissement	Pourcentage de portefeuille
Fonds d'énergie spécialisés	156,7 millions de dollars	35.2%
Fonds de ressources naturelles	98,4 millions de dollars	22.1%

Gestionnaires du portefeuille de retraite

Détails d'allocation du portefeuille de retraite:

• Investissements totaux de fonds de retraite: 214,6 millions de dollars
• Pourcentage d'allocation moyen: 3,7% du portefeuille total
• Horizon d'investissement typique: 7-10 ans

Investisseurs de recherche de revenus tolérants au risque

Caractéristiques des risques et des revenus des investisseurs:

Risque Profile	Rendement annuel moyen	Rendement des dividendes
Risque modéré à élevé	8.3%	6.5%

Kimbell Royalty Partners, LP (KRP) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition des droits des minéraux et des redevances

Au quatrième trimestre 2023, Kimbell Royalty Partners a déclaré les dépenses liées à l'acquisition suivantes:

Catégorie d'acquisition	Coût total ($)
Achats des droits minéraux	42,650,000
Acquisition des intérêts de redevance	38,275,000
Total des coûts d'acquisition	80,925,000

Dépenses administratives et opérationnelles

Répartition des coûts opérationnels pour l'exercice 2023:

• Frais généraux et administratifs: 24 300 000 $
• Compensation des employés: 17 850 000 $
• Entretien du bureau: 3 450 000 $
• Offres opérationnelles: 5 600 000 $

Frais juridiques et de conformité

Catégorie de conformité	Coût annuel ($)
Conformité réglementaire	2,750,000
Services de conseil juridique	1,980,000
Audit et rapport	1,450,000

Investissements de la technologie et de la gestion des données

Investissements sur l'infrastructure technologique pour 2023:

• Systèmes de gestion des données: 3200 000 $
• Logiciel de cartographie géologique: 1 750 000 $
• Améliorations de la cybersécurité: 1 350 000 $
• Infrastructure de cloud computing: 2 100 000 $

Dépenses de marketing et de relations avec les investisseurs

Catégorie marketing	Dépenses annuelles ($)
Communication des investisseurs	1,250,000
Marketing numérique	750,000
Conférence et participation des événements	450,000

Kimbell Royalty Partners, LP (KRP) - Modèle d'entreprise: Strots de revenus

Revenu des redevances provenant de la production de pétrole et de gaz

Au quatrième trimestre 2023, Kimbell Royalty Partners a déclaré un chiffre d'affaires total de 79,4 millions de dollars. Les revenus de redevances provenant de la production de pétrole étaient de 54,2 millions de dollars, tandis que les redevances de production de gaz ont représenté 25,2 millions de dollars.

Source de revenus	Montant ($ m)	Pourcentage
Revenu de redevance pétrolière	54.2	68.3%
Revenu de redevance au gaz	25.2	31.7%

Ventes et transferts des droits minéraux

En 2023, Kimbell a exécuté des acquisitions de minéraux et de redevances totalisant 145,6 millions de dollars dans plusieurs bassins.

• Acquisitions du bassin Permien: 92,3 millions de dollars
• Transactions de schiste Eagle Ford: 37,5 millions de dollars
• Autres transferts de droits minéraux du bassin: 15,8 millions de dollars

Retours d'investissement du portefeuille immobilier

Le portefeuille d'investissement immobilier de la société a généré 18,7 millions de dollars de rendements nets d'investissement pour 2023.

Distribution basée sur la performance aux partenaires limités

Kimbell a distribué 62,5 millions de dollars à des partenaires limités en 2023, avec une distribution par unité de 0,92 $.

Intérêt et revenu de placement

Les intérêts et les revenus de placement pour 2023 ont totalisé 6,3 millions de dollars, ce qui représente une contribution de 3,9% à des sources de revenus totales.

Catégorie de revenu	Montant ($ m)
Revenu d'intérêt	4.2
Revenus de placement	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.