FORT WORTH, Texas, Aug. 21, 2026 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE:KRP) (&#34;Kimbell&#34; or the &#34;Company&#34;), a leading owner of oil and gas mineral and royalty interests in over 17 million

<p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">FORT WORTH, Texas</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">Aug. 21, 2026</span> /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KRP">KRP</a>) (&#34;Kimbell&#34; or the &#34;Company&#34;), a leading owner of oil and gas mineral and royalty interests in over 17 million gross acres in 28 states, today announced that it has closed the previously announced purchase of mineral and royalty interests from certain affiliated sellers in a cash and unit transaction valued at approximately $221.2 million<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> (the &#34;Drop Down&#34;).  The purchase price for the Drop Down was comprised of $74.9 million in cash (approximately 34% of the total consideration), and 9.5 million common units of Kimbell Royalty Operating, LLC (&#34;OpCo&#34;) valued at approximately $146.3 million.  Kimbell is entitled to all cash flow from production attributable to the Drop Down since the effective date of June 1, 2026.  Revenues and certain other operating statistics under generally accepted accounting principles will be recorded for the Drop Down beginning on the closing date of August 21, 2026. </p>
<p xmlns="http://www.w3.org/1999/xhtml">Kimbell estimates that, as of June 1, 2026, the Drop Down currently produces approximately 2,347 Boe/d (841 Bbl/d of oil, 569 Bbl/d of NGLs, and 5,624 Mcf/d of natural gas) (6:1).  The Drop Down portfolio spans over 3 million gross acres with over 29,000 gross producing wells in premier areas of the Eagle Ford, Permian, Mid-Con and Appalachia, further expanding Kimbell&#39;s scaled and diversified mineral and royalty position.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About Kimbell Royalty Partners</b></p><p xmlns="http://www.w3.org/1999/xhtml">Kimbell (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KRP">KRP</a>) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas.  Kimbell owns mineral and royalty interests in over 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 137,000 gross wells.  To learn more, visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://www.kimbellrp.com" rel="nofollow">http://www.kimbellrp.com</a>.  </p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b></p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">This news release includes forward-looking statements. These forward-looking statements, which include statements regarding the anticipated benefits of the Drop Down and operational data with respect to the Drop Down, involve risks and uncertainties, including risks that the anticipated benefits of the Drop Down are not realized; risks relating to Kimbell&#39;s integration of the Drop Down assets; and risks relating to Kimbell&#39;s business, prospects for growth and acquisitions and the securities markets generally. Except as required by law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Kimbell&#39;s filings with the Securities and Exchange Commission (&#34;SEC&#34;).</i>  <i xmlns="http://www.w3.org/1999/xhtml">These include risks inherent in oil and natural gas drilling and production activities, including risks with respect to low or declining prices for oil and natural gas that could result in downward revisions to the value of proved reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which would adversely impact cash flow; risks relating to the impairment of oil and natural gas properties; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and natural gas prices; risks relating to Kimbell&#39;s ability to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance; risks relating to Kimbell&#39;s hedging activities; risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks relating to delays in receipt of drilling permits; risks relating to unexpected adverse developments in the status of properties; risks relating to borrowing base redeterminations by Kimbell&#39;s lenders; risks relating to the absence or delay in receipt of government approvals or third-party consents; risks relating to acquisitions, dispositions and drop downs of assets; risks relating to Kimbell&#39;s ability to realize the anticipated benefits from and to integrate acquired assets, including the assets acquired in the Drop Down; and other risks described in Kimbell&#39;s Annual Report on Form 10-K and other filings with the SEC, available at the SEC&#39;s website at <a xmlns="http://www.w3.org/1999/xhtml" href="http://www.sec.gov" rel="nofollow">www.sec.gov</a>.</i>  <i xmlns="http://www.w3.org/1999/xhtml">You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release.</i></p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Contact:</b></p><p xmlns="http://www.w3.org/1999/xhtml">Zach Vaughan<br xmlns="http://www.w3.org/1999/xhtml"></br>Dennard Lascar Investor Relations<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" href="mailto:krp@dennardlascar.com" rel="nofollow" xmlns="http://www.w3.org/1999/xhtml">krp@dennardlascar.com</a><br xmlns="http://www.w3.org/1999/xhtml"></br>(713) 529-6600</p><p xmlns="http://www.w3.org/1999/xhtml"><sup xmlns="http://www.w3.org/1999/xhtml">1</sup> Purchase price reflects Kimbell&#39;s $15.40 per unit closing price as of 8/21/2026.</p>



<p xmlns="http://www.w3.org/1999/xhtml" id="PURL"><img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=DA31655&amp;sd=2026-08-21"></img> View original content:<a xmlns="http://www.w3.org/1999/xhtml" id="PRNURL" rel="nofollow" href="https://www.prnewswire.com/news-releases/kimbell-royalty-partners-closes-221-2-million-drop-down-acquisition-302857569.html" target="_blank">https://www.prnewswire.com/news-releases/kimbell-royalty-partners-closes-221-2-million-drop-down-acquisition-302857569.html</a></p><p xmlns="http://www.w3.org/1999/xhtml">SOURCE Kimbell Royalty Partners, LP</p>

Kimbell Royalty Partners Closes $221.2 Million Drop Down Acquisition

Kimbell Royalty closes $221 million drop-down, expands scale across major basins

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>FORT WORTH, Texas, Aug. 21, 2026 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE:KRP) (&amp;#34;Kimbell&amp;#34; or the &amp;#34;Company&amp;#34;), a leading owner of oil and gas mineral and royalty interests in over 17 million</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Kimbell Royalty Partners closed a $221.2 million Drop Down funded with $74.9 million in cash and 9.5 million OpCo units, expanding its mineral and royalty base. The package adds about 2,347 Boe/d across more than 3 million gross acres and 29,000 wells in Eagle Ford, Permian, Mid-Con and Appalachia, broadening diversification and cash-flow visibility. Cash flow from the Drop Down begins June 1, 2026, with GAAP revenue recognized on August 21, 2026, potential near-term accretion but integration risk remains.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Kimbell closes a $221.2M Drop Down; $74.9M cash and 9.5M OpCo units issued.</li><li>Adds ~2,347 Boe/d across 3M+ gross acres and 29,000 wells.</li><li>Assets span Eagle Ford, Permian, Mid-Con, Appalachia; closes Aug 21, 2026.</li><li>GAAP revenues begin on closing; cash flow from June 1, 2026 onward.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Kimbell Royalty Partners, LP (KRP)</strong>: Announced and completed the $221.2M Drop Down; expands scale and potential cash flow.</li><li><strong>Kimbell Royalty Operating, LLC (OpCo)</strong>: Counterparty to the unit consideration; 9.5M OpCo units issued; affects distribution mechanics.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The press release details a strategic asset acquisition that expands KRP&#039;s diversified footprint and near-term cash-flow visibility, a typical driver of equity value for royalty-focused firms.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Adds ~2,347 Boe/d of production; potential near-term cash-flow uplift.</li><li>Diversifies exposure across Eagle Ford, Permian, Mid-Con, Appalachia.</li><li>Partial financing via OpCo units could modestly dilute unit economics.</li><li>Close date and first-quarter/GAAP data flow into 3Q/4Q 2026 results.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Total drop-down value: $221.2 million.</li><li>Cash component: $74.9 million (34% of total).</li><li>OpCo units issued: 9.5 million; value ~$146.3 million.</li><li>As of 6/1/2026 production: ~2,347 Boe/d (841 Bbl/d oil, 569 Bbl/d NGL, 5,624 Mcf/d gas).</li><li>Drop Down covers 3+ million gross acres and 29,000+ wells.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish near-term; accretive growth could lift cash flow by late 2026.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">FORT WORTH, Texas</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">Aug. 21, 2026</span> /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KRP">KRP</a>) (&#34;Kimbell&#34; or the &#34;Company&#34;), a leading owner of oil and gas mineral and royalty interests in over 17 million gross acres in 28 states, today announced that it has closed the previously announced purchase of mineral and royalty interests from certain affiliated sellers in a cash and unit transaction valued at approximately $221.2 million<sup xmlns="http://www.w3.org/1999/xhtml">1</sup> (the &#34;Drop Down&#34;).  The purchase price for the Drop Down was comprised of $74.9 million in cash (approximately 34% of the total consideration), and 9.5 million common units of Kimbell Royalty Operating, LLC (&#34;OpCo&#34;) valued at approximately $146.3 million.  Kimbell is entitled to all cash flow from production attributable to the Drop Down since the effective date of June 1, 2026.  Revenues and certain other operating statistics under generally accepted accounting principles will be recorded for the Drop Down beginning on the closing date of August 21, 2026. </p>
<p xmlns="http://www.w3.org/1999/xhtml">Kimbell estimates that, as of June 1, 2026, the Drop Down currently produces approximately 2,347 Boe/d (841 Bbl/d of oil, 569 Bbl/d of NGLs, and 5,624 Mcf/d of natural gas) (6:1).  The Drop Down portfolio spans over 3 million gross acres with over 29,000 gross producing wells in premier areas of the Eagle Ford, Permian, Mid-Con and Appalachia, further expanding Kimbell&#39;s scaled and diversified mineral and royalty position.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About Kimbell Royalty Partners</b></p><p xmlns="http://www.w3.org/1999/xhtml">Kimbell (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KRP">KRP</a>) is a leading oil and gas mineral and royalty company based in Fort Worth, Texas.  Kimbell owns mineral and royalty interests in over 17 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 137,000 gross wells.  To learn more, visit <a xmlns="http://www.w3.org/1999/xhtml" href="http://www.kimbellrp.com" rel="nofollow">http://www.kimbellrp.com</a>.  </p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b></p><p xmlns="http://www.w3.org/1999/xhtml"><i xmlns="http://www.w3.org/1999/xhtml">This news release includes forward-looking statements. These forward-looking statements, which include statements regarding the anticipated benefits of the Drop Down and operational data with respect to the Drop Down, involve risks and uncertainties, including risks that the anticipated benefits of the Drop Down are not realized; risks relating to Kimbell&#39;s integration of the Drop Down assets; and risks relating to Kimbell&#39;s business, prospects for growth and acquisitions and the securities markets generally. Except as required by law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Kimbell&#39;s filings with the Securities and Exchange Commission (&#34;SEC&#34;).</i>  <i xmlns="http://www.w3.org/1999/xhtml">These include risks inherent in oil and natural gas drilling and production activities, including risks with respect to low or declining prices for oil and natural gas that could result in downward revisions to the value of proved reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which would adversely impact cash flow; risks relating to the impairment of oil and natural gas properties; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and natural gas prices; risks relating to Kimbell&#39;s ability to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance; risks relating to Kimbell&#39;s hedging activities; risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks relating to delays in receipt of drilling permits; risks relating to unexpected adverse developments in the status of properties; risks relating to borrowing base redeterminations by Kimbell&#39;s lenders; risks relating to the absence or delay in receipt of government approvals or third-party consents; risks relating to acquisitions, dispositions and drop downs of assets; risks relating to Kimbell&#39;s ability to realize the anticipated benefits from and to integrate acquired assets, including the assets acquired in the Drop Down; and other risks described in Kimbell&#39;s Annual Report on Form 10-K and other filings with the SEC, available at the SEC&#39;s website at <a xmlns="http://www.w3.org/1999/xhtml" href="http://www.sec.gov" rel="nofollow">www.sec.gov</a>.</i>  <i xmlns="http://www.w3.org/1999/xhtml">You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release.</i></p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Contact:</b></p><p xmlns="http://www.w3.org/1999/xhtml">Zach Vaughan<br xmlns="http://www.w3.org/1999/xhtml"></br>Dennard Lascar Investor Relations<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" href="mailto:krp@dennardlascar.com" rel="nofollow" xmlns="http://www.w3.org/1999/xhtml">krp@dennardlascar.com</a><br xmlns="http://www.w3.org/1999/xhtml"></br>(713) 529-6600</p><p xmlns="http://www.w3.org/1999/xhtml"><sup xmlns="http://www.w3.org/1999/xhtml">1</sup> Purchase price reflects Kimbell&#39;s $15.40 per unit closing price as of 8/21/2026.</p>



<p xmlns="http://www.w3.org/1999/xhtml" id="PURL"><img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=DA31655&amp;sd=2026-08-21"></img> View original content:<a xmlns="http://www.w3.org/1999/xhtml" id="PRNURL" rel="nofollow" href="https://www.prnewswire.com/news-releases/kimbell-royalty-partners-closes-221-2-million-drop-down-acquisition-302857569.html" target="_blank">https://www.prnewswire.com/news-releases/kimbell-royalty-partners-closes-221-2-million-drop-down-acquisition-302857569.html</a></p><p xmlns="http://www.w3.org/1999/xhtml">SOURCE Kimbell Royalty Partners, LP</p>

Kimbell Royalty Partners closed a $221.2 million Drop Down funded with $74.9 million in cash and 9.5 million OpCo units, expanding its mineral and royalty base. The package adds about 2,347 Boe/d across more than 3 million gross acres and 29,000 wells in Eagle Ford, Permian, Mid-Con and Appalachia, broadening diversification and cash-flow visibility. Cash flow from the Drop Down begins June 1, 2026, with GAAP revenue recognized on August 21, 2026, potential near-term accretion but integration risk remains.

News insight

Kimbell Royalty Partners Closes $221.2 Million Drop Down Acquisition

AI summary

Sentiment rationale

Key facts

Corporate Developments