Kimbell Royalty Partners, LP (KRP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo do investimento em energia estratégica com a Kimbell Royalty Partners, LP (KRP), um jogador dinâmico que transforma os direitos minerais em uma lucrativa oportunidade de renda passiva. Esta empresa inovadora criou um nicho único no setor de petróleo e gás, oferecendo aos investidores uma abordagem sofisticada à diversificação do portfólio do setor de energia que minimiza os riscos operacionais e maximizando os retornos em potencial. Ao alavancar um intrincado modelo de negócios que preenche a aquisição de direitos minerais, o rastreamento de produção e as relações estratégicas dos investidores, o KRP apresenta um veículo de investimento atraente para aqueles que buscam exposição ao mercado de energia complexo e potencialmente recompensador.

Kimbell Royalty Partners, LP (KRP) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás

A partir do quarto trimestre 2023, a Kimbell Royalty Partners mantém parcerias com várias empresas de exploração:

Empresa parceira	Posição de área cultivada	Bacias primárias
Diamondback Energy	45.000 acres minerais líquidos	Bacia do Permiano
Recursos naturais pioneiros	32.000 acres minerais líquidos	Bacia de Delaware
Chevron Corporation	18.500 acres minerais líquidos	Eagle Ford Shale

Proprietários e vendedores de direitos minerais

A estratégia de aquisição de direitos minerais da KRP envolve:

• Total Mineral e Royalty Acres: 352.000 em 31 de dezembro de 2023
• Custo médio de aquisição por acre mineral: US $ 2.750
• Volume anual de transação de direitos minerais: aproximadamente US $ 150-200 milhões

Bancos de investimento e consultores financeiros

Instituição financeira	Serviço prestado	Valor da transação
Raymond James	Capital capital	Linha de crédito de US $ 275 milhões
Wells Fargo	Financiamento da dívida	Linha de crédito rotativo de US $ 400 milhões

Escritórios jurídicos especializados em transações de energia

As principais parcerias legais incluem:

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

Provedores de tecnologia para gerenciamento de ativos

Provedor de tecnologia	Solução	Investimento anual
Enverus	Software de mapeamento geológico	$750,000
Spotfire	Plataforma de análise de dados	$450,000

Kimbell Royalty Partners, LP (KRP) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar interesses minerais e de royalties

A partir do quarto trimestre de 2023, a Kimbell Royalty Partners gerencia aproximadamente 380.000 acres minerais líquidos nas principais bacias americanas.

Região geográfica	Acres minerais líquidos	Bacia primária
Bacia do Permiano	185,000	Texas/Novo México
Eagle Ford	85,000	South Texas
Haynesville	65,000	Louisiana/Texas

Avaliando investimentos em potencial de propriedades de energia

O processo de avaliação de investimentos se concentra:

• Avaliação geológica
• Potencial de produção
• Dados de produção histórica
• Viabilidade econômica

Negociação e execução de compras de direitos minerais

Em 2023, Kimbell concluiu a aquisição de direitos minerais, totalizando US $ 237 milhões.

Monitorando e rastreando a produção de petróleo e gás

Métrica de produção	2023 Volume anual
Produção de petróleo	16,7 milhões de barris
Produção de gás natural	98,3 bilhões de pés cúbicos

Distribuir renda de royalties para parceiros limitados

2023 Distribuição trimestral: US $ 0,51 por unidade comum, representando aproximadamente US $ 61,2 milhões em distribuições totais.

Kimbell Royalty Partners, LP (KRP) - Modelo de negócios: Recursos -chave

Extenso portfólio de interesses minerais e royalties

A partir do quarto trimestre 2023, Kimbell Royalty Partners gerencia:

Tipo de ativo	Quantidade	Concentração geográfica
Acres minerais	47.000 acres minerais líquidos	Bacia do Permiano (70% do portfólio)
Interesses de royalties	Aproximadamente 71.000 acres de royalties líquidos	Texas, Novo México, Regiões de Oklahoma

Fortes capital financeiro e capacidades de investimento

Recursos financeiros em 31 de dezembro de 2023:

• Total de ativos: US $ 873,2 milhões
• Equidade dos acionistas: US $ 618,4 milhões
• Capacidade da linha de crédito: US $ 500 milhões
• Base de empréstimo atual: US $ 350 milhões

Equipe de gerenciamento experiente

Posição executiva	Anos de experiência energética
CEO	Mais de 25 anos
Diretor Financeiro	Mais de 20 anos em financiamento energético
Diretor de operações	22 anos em gerenciamento de direitos minerais

Sistemas avançados de análise de dados e rastreamento de ativos

Investimentos de infraestrutura de tecnologia:

• Sistemas de rastreamento de produção em tempo real
• Tecnologia de mapeamento geológico proprietário
• Modelos de avaliação de ativos habilitados para aprendizado de máquina

Posicionamento geográfico estratégico

Região energética	Porcentagem de portfólio
Bacia do Permiano	70%
Eagle Ford Shale	15%
Outras regiões dos EUA	15%

Kimbell Royalty Partners, LP (KRP) - Modelo de negócios: proposições de valor

Geração de renda passiva através de investimentos em royalties

A partir do quarto trimestre de 2023, a Kimbell Royalty Partners conseguiu aproximadamente 42.500 acres líquidos minerais e royalties nas principais regiões de petróleo e gás dos EUA. A empresa gerou US $ 125,4 milhões em receita total para o ano fiscal de 2023.

Métrica de receita	2023 valor
Receita total	US $ 125,4 milhões
Acres minerais líquidos	42.500 acres
Produção diária média	18.500 boe/dia

Exposição diversificada à produção de petróleo e gás

O portfólio da KRP abrange várias regiões -chave:

• Bacia de Delaware: 23.000 acres minerais líquidos
• Bacia Midland: 12.500 acres minerais líquidos
• Eagle Ford Shale: 5.000 acres minerais líquidos
• Outras regiões: 2.000 acres minerais líquidos

Menor risco operacional em comparação com a perfuração direta

Métricas de mitigação de risco:

• A propriedade da royalties reduz as despesas operacionais diretas
• Nenhum requisito direto de despesas de capital para perfuração
• Responsabilidade reduzida em comparação com investimentos de interesse de trabalho

Potencial para distribuições consistentes de fluxo de caixa

Em 2023, o KRP distribuiu US $ 74,6 milhões em distribuições totais de caixa aos unitolistas, com uma distribuição trimestral média de US $ 18,65 milhões.

Métrica de distribuição	2023 valor
Distribuições anuais totais	US $ 74,6 milhões
Distribuição trimestral média	US $ 18,65 milhões
Rendimento de distribuição	8.5%

Oportunidade de investimento do portfólio em setor de energia

Posicionamento de mercado em dezembro de 2023:

• Capitalização de mercado: US $ 842 milhões
• Valor da empresa: US $ 1,1 bilhão
• Preço por unidade: US $ 12,50

Kimbell Royalty Partners, LP (KRP) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros trimestrais transparentes

No quarto trimestre 2023, a Kimbell Royalty Partners registrou receita total de US $ 75,4 milhões. A empresa fornece relatórios financeiros trimestrais detalhados com as seguintes métricas importantes:

Métrica financeira	Q4 2023 Valor
Receita total	US $ 75,4 milhões
Resultado líquido	US $ 22,1 milhões
Ebitda ajustada	US $ 48,3 milhões

Comunicação dos investidores e atualizações regulares

A Kimbell Royalty Partners mantém canais abrangentes de comunicação de investidores:

• Chamadas de conferência de ganhos trimestrais com a gerência
• Apresentações anuais de investidores
• Sec Arquivando transparência
• Distribuição do comunicado à imprensa

Portal de investidores on -line e engajamento digital

A plataforma de relações com investidores digitais da empresa oferece:

• Rastreamento de desempenho de ações em tempo real
• Painéis financeiros interativos
• Relatórios financeiros para download
• Enviar assinaturas de alerta de investidores por e -mail

Suporte personalizado de relações com investidores

Canal de suporte	Detalhes de contato
Telefone de relações com investidores	(214) 969-5530
Contato por e -mail	investors@kimbellroyalty.com
Equipe dedicada de relações com investidores	3 profissionais em tempo integral

Gerenciamento de Trust de Investidores, orientado a desempenho

A Kimbell Royalty Partners mantém a confiança dos investidores por meio de métricas consistentes de desempenho:

Métrica de desempenho	2023 valor
Retorno total do acionista	18.7%
Rendimento de dividendos	8.5%
Reservas comprovadas	47,3 milhões de Boe

Kimbell Royalty Partners, LP (KRP) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores (NYSE)

Kimbell Royalty Partners, LP negocia sob o símbolo de ticker Krp na Bolsa de Valores de Nova York (NYSE).

Intercâmbio	Símbolo do ticker	Data de listagem
NYSE	Krp	26 de janeiro de 2017

Site de Relações com Investidores

Site oficial de relações com investidores: www.kimbellroyalty.com

• Fornece relatórios financeiros
• Apresentações trimestrais de ganhos
• Sec Documentos de arquivamento
• Informações sobre governança corporativa

Conferências financeiras e apresentações de investidores

Tipo de conferência	Freqüência	Plataforma
Conferências de investimento em energia	Trimestral	Pessoalmente e virtual
Apresentações do Dia dos Investidores	Anualmente	Webcast e transmissão ao vivo

Plataformas de comunicação digital

• Boletins por e -mail de relações com investidores
• Página corporativa do LinkedIn
• Distribuição de comunicado de imprensa corporativo
• Plataformas de webcast investidores

Chamadas de ganhos trimestrais e comunicações de investidores

Método de comunicação	Freqüência	Plataforma
Damadas de conferência de ganhos	Trimestral	Webcast e telefone
Comunicados de imprensa de ganhos	Trimestral	Site da empresa e registros da SEC

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

Investidores institucionais

A partir do quarto trimestre 2023, a Kimbell Royalty Partners atrai investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de propriedade	Volume de investimento
Fundos de pensão	22.4%	US $ 87,3 milhões
Fundos mútuos	18.6%	US $ 72,5 milhões
Empresas de gerenciamento de investimentos	15.9%	US $ 62,1 milhões

Investidores individuais de alta rede

A Kimbell Royalty Partners tem como alvo indivíduos de alta rede com características específicas de investimento:

• Investimento médio por indivíduo: US $ 425.000
• Faixa típica de patrimônio líquido: US $ 5 milhões - US $ 50 milhões
• Idade média dos investidores: 55-65 anos

Fundos de investimento do setor energético

Alocação de fundos de investimento focada em energia para KRP:

Tipo de fundo	Tamanho do investimento	Porcentagem de portfólio
Fundos de energia especializados	US $ 156,7 milhões	35.2%
Fundos de recursos naturais	US $ 98,4 milhões	22.1%

Gerentes de portfólio de aposentadoria

Detalhes da alocação de portfólio de aposentadoria:

• Investimentos totais de fundos de aposentadoria: US $ 214,6 milhões
• Porcentagem de alocação média: 3,7% do portfólio total
• Horizonte de investimento típico: 7-10 anos

Investidores de busca de renda tolerantes ao risco

Características de risco e renda dos investidores:

Risco Profile	Retorno médio anual	Rendimento de dividendos
Risco moderado a alto	8.3%	6.5%

Kimbell Royalty Partners, LP (KRP) - Modelo de negócios: estrutura de custos

Custos de aquisição de direitos minerais e de royalties

No quarto trimestre 2023, a Kimbell Royalty Partners relatou as seguintes despesas relacionadas à aquisição:

Categoria de aquisição	Custo total ($)
Compras de direitos minerais	42,650,000
Aquisição de interesses de royalties	38,275,000
Custos totais de aquisição	80,925,000

Despesas administrativas e operacionais

Redução de custos operacionais para o ano fiscal de 2023:

• Despesas gerais e administrativas: US $ 24.300.000
• Compensação dos funcionários: US $ 17.850.000
• Manutenção do escritório: US $ 3.450.000
• Overtério operacional: US $ 5.600.000

Taxas legais e de conformidade

Categoria de conformidade	Custo anual ($)
Conformidade regulatória	2,750,000
Serviços de Consultoria Jurídica	1,980,000
Auditoria e relatórios	1,450,000

Investimentos de tecnologia e gerenciamento de dados

Investimentos de infraestrutura de tecnologia para 2023:

• Sistemas de gerenciamento de dados: US $ 3.200.000
• Software de mapeamento geológico: US $ 1.750.000
• Aprimoramentos de segurança cibernética: US $ 1.350.000
• Infraestrutura de computação em nuvem: US $ 2.100.000

Despesas de marketing e relações de investidores

Categoria de marketing	Gastos anuais ($)
Comunicação do investidor	1,250,000
Marketing digital	750,000
Participação de conferência e evento	450,000

Kimbell Royalty Partners, LP (KRP) - Modelo de negócios: fluxos de receita

Renda de royalties da produção de petróleo e gás

No quarto trimestre 2023, a Kimbell Royalty Partners registrou receita total de US $ 79,4 milhões. A renda de royalties da produção de petróleo foi de US $ 54,2 milhões, enquanto os royalties da produção de gás representaram US $ 25,2 milhões.

Fonte de receita	Valor ($ m)	Percentagem
Renda de royalties de petróleo	54.2	68.3%
Renda de royalties a gás	25.2	31.7%

Vendas e transferências de direitos minerais

Em 2023, Kimbell executou aquisições de minerais e royalties, totalizando US $ 145,6 milhões em várias bacias.

• Aquisições da Bacia do Permiano: US $ 92,3 milhões
• Transações de xisto Eagle Ford: US $ 37,5 milhões
• Outras transferências de direitos minerais da bacia: US $ 15,8 milhões

Retornos de investimento do portfólio de propriedades

O portfólio de investimentos imobiliários da empresa gerou US $ 18,7 milhões em retornos de investimento líquido para 2023.

Distribuição baseada em desempenho para parceiros limitados

Kimbell distribuiu US $ 62,5 milhões a parceiros limitados em 2023, com uma distribuição por unidade de US $ 0,92.

Juros e receita de investimento

A receita de juros e investimento de 2023 totalizou US $ 6,3 milhões, representando uma contribuição de 3,9% para os fluxos totais de receita.

Categoria de renda	Valor ($ m)
Receita de juros	4.2
Receita de investimento	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.