Company Overview

Kimbell Royalty Partners, LP (KRP) is an independent owner of oil and natural gas mineral and royalty interests in the United States. The company operates within the upstream energy sector but does not engage in drilling or production activities itself; instead, it generates revenue by leasing its mineral interests to exploration and production companies and receiving royalties from hydrocarbons produced. Its revenue is primarily driven by commodity prices, production volumes on its acreage, and the breadth of its mineral ownership.

Kimbell is uniquely positioned as one of the largest publicly traded mineral and royalty owners in North America, with a strategy focused on owning diversified, long-lived mineral interests rather than operating wells. The company was founded in 2015 by the Kimbell family, with industry veteran Floyd Wilson playing a central role in its formation. It completed its initial public offering in 2017 and has since expanded through acquisitions, consolidating mineral assets across major U.S. basins while maintaining a capital-light business model.

Business Operations

Kimbell operates a single, integrated business model centered on the ownership of mineral and royalty interests, which is reported as one operating segment. The company earns revenue through royalty payments, lease bonus income, and, to a lesser extent, working interest production, without bearing the capital expenditures or operating costs associated with drilling and completion. This structure allows Kimbell to benefit from upstream activity while limiting operational risk.

The company’s assets are managed through operating subsidiaries, including Kimbell Operating Company, LLC, which administers mineral ownership, lease management, and owner relations. Kimbell has no international operations and relies on third-party operators—ranging from large public exploration and production companies to private operators—to develop its acreage. There are no material joint ventures; growth is primarily achieved through direct acquisitions of mineral portfolios.

Strategic Position & Investments

Kimbell’s strategic direction emphasizes scale, diversification, and disciplined capital allocation. Growth initiatives focus on acquiring mineral and royalty interests in high-quality, actively developed basins, often from private sellers or estate transactions. The company has completed multiple acquisitions of mineral portfolios and standalone interests, strengthening its position as a consolidator in a fragmented market.

The company does not invest in downstream or midstream assets and has limited exposure to emerging energy technologies, remaining focused on conventional oil and natural gas development. Strategic advantages include its diversified operator base, lack of capital spending requirements, and a balance sheet designed to support consistent cash distributions while pursuing accretive acquisitions.

Geographic Footprint

Kimbell’s operations are entirely based in the United States, with mineral and royalty interests spanning many of the most prolific onshore basins. Key areas of exposure include the Permian Basin, Eagle Ford, Bakken, Haynesville, Mid-Continent, and Appalachian regions. This geographic diversity reduces reliance on any single basin, operator, or commodity.

The company is headquartered in Fort Worth, Texas, and its assets are distributed across more than 15 states. While Kimbell does not have international operations, its widespread U.S. footprint provides exposure to a broad cross-section of domestic energy development and regulatory environments.

Leadership & Governance

Kimbell is led by a management team with extensive experience in mineral ownership, upstream energy, and capital markets. The leadership emphasizes disciplined growth, shareholder returns, and risk management through diversification and a non-operated model.

Key executives include:

• Blayne Rhynsburger – President and Chief Executive Officer
• Kenny Haynes – Chief Financial Officer
• Floyd Wilson – Chairman of the Board

The company’s governance reflects its roots in the Kimbell family and the broader Wilson family of energy enterprises, with a strategic vision centered on long-term value creation through asset longevity and conservative financial management.

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