Kimbell Royalty Partners, LP is a leading owner of oil and natural gas mineral and royalty interests in the United States. The company's business model focuses on acquiring and managing non-operated royalty interests, allowing it to generate high-margin cash flow from hydrocarbon production without bearing the capital expenditures, lease operating expenses, or environmental liabilities typically associated with traditional exploration and production. Kimbell's extensive portfolio spans over 17 million gross acres across 28 states, providing exposure to every major onshore basin in the continental U.S., including the Permian Basin, Haynesville, and Appalachia. The company derives 100% of its revenue from royalty payments on the sale of oil, natural gas, and natural gas liquids (NGLs) extracted from its properties by third-party operators. By maintaining a highly diversified geographic footprint and a vast inventory of producing wells, drilled but uncompleted wells (DUCs), and permitted locations, Kimbell mitigates operator-specific and basin-specific risks. The company operates as a limited partnership but elected to be taxed as a C-Corporation to broaden its investor base, distributing a significant portion of its cash flow to unitholders.
