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KRP

Kimbell Royalty Partners, LP

KRP

Kimbell Royalty Partners, LP • NYSE
$12.45 ▲ 2.30% (+0.28)
Market Cap $1.34 B
52w High $16.59
52w Low $10.98
Dividend Yield 1.60%
P/E -138.33
Volume 280.59K
Outstanding Shares 107.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $80.62M ▼ $46.161M ▲ $19.668M ▼ 24.396% ▼ $0.19 ▼ $28.848M ▼
Q2-2025 $86.548M ▼ $43.047M ▲ $26.344M ▲ 30.439% ▲ $0.29 ▲ $68.33M ▲
Q1-2025 $90.262M ▲ $20.192M ▼ $23.065M ▲ 25.553% ▲ $0.2 ▲ $64.767M ▲
Q4-2024 $70.863M ▼ $73.798M ▲ $-32.497M ▼ -45.859% ▼ $-0.48 ▼ $-6.797M ▼
Q3-2024 $74.232M $3.526M $22.672M 30.541% $0.33 $66.446M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $40.003M ▲ $1.254B ▼ $469.391M ▼ $700.361M ▼
Q2-2025 $34.524M ▼ $1.285B ▼ $483.533M ▲ $715.033M ▼
Q1-2025 $35.628M ▲ $1.326B ▲ $322.201M ▲ $911.352M ▲
Q4-2024 $34.168M ▼ $1.12B ▼ $256.42M ▼ $780.224M ▼
Q3-2024 $34.706M $1.215B $271.611M $847.627M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.323M ▼ $62.763M ▼ $-116K ▲ $-57.168M ▲ $5.479M ▲ $62.648M ▼
Q2-2025 $26.344M ▲ $72.321M ▲ $-341.015K ▲ $-73.084M ▼ $-1.104M ▼ $72.113M ▲
Q1-2025 $25.853M ▲ $54.153M ▼ $-222.95M ▼ $170.257M ▲ $1.459M ▲ $-168.81M ▼
Q4-2024 $-39.259M ▼ $56.571M ▼ $-34.083K ▲ $-57.075M ▲ $-537.752K ▼ $56.537M ▼
Q3-2024 $28.25M $62.417M $-44.719K $-58.611M $3.761M $62.394M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural Gas Midstream
Natural Gas Midstream
 $40.00M ▲$30.00M ▼$20.00M ▼$20.00M ▲
Oil and Condensate
Oil and Condensate
 $160.00M ▲$50.00M ▼$50.00M ▲$50.00M ▲
Oil and Gas
Oil and Gas
 $230.00M ▲$90.00M ▼$70.00M ▼$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Kimbell’s earnings picture has improved a lot since 2020, but has cooled from its 2022 peak. Revenue has climbed steadily as more acreage has been added and activity on that land has increased. Profitability is generally healthy for a royalty business, but margins have narrowed a bit recently, suggesting either softer commodity prices, a mix shift, or higher costs flowing through. Net income remains positive but well below the very strong 2022 and 2023 levels, and per‑unit results look noisy, likely reflecting one‑off items or changes in unit count rather than a collapse in the underlying business. Overall, this is a profitable, but commodity‑sensitive, earnings profile with some year‑to‑year swings.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for an energy partnership focused on royalties. Assets and equity have built up meaningfully over the last few years as the partnership completed acquisitions and retained some earnings. Debt has increased in step with growth but remains moderate compared with the asset base, suggesting leverage is used as a tool rather than a crutch. Cash on hand is small, which is typical for this type of business and is offset by steady cash generation and borrowing capacity. In short, the capital structure appears reasonably conservative for an acquisition‑driven model, but it still depends on credit markets staying open and disciplined deal making.

Cash Flow

Cash Flow Underlying cash generation from operations has trended upward and is now comfortably above early‑pandemic levels, reflecting a larger royalty base and better pricing than in 2020. Free cash flow is generally positive in normal years, but can swing sharply negative when Kimbell leans into large acquisitions, as seen in 2023 when spending spiked. Maintenance capital needs for royalties are low, so once big deals are digested, the business throws off meaningful excess cash. The trade‑off is that growth is lumpy and tied to acquisition timing, which can make cash flows look choppy from year to year even if the underlying wells are performing steadily.

Competitive Edge

Competitive Edge Kimbell operates in a favorable niche: it collects royalties from a very broad set of operators across nearly all major U.S. onshore basins, with especially strong exposure to prolific areas like the Permian. This wide diversification by geography, operator, and well count helps reduce the risk of any single basin, regulatory regime, or driller causing major damage. The partnership’s team has deep experience in sourcing and valuing mineral and royalty interests in a fragmented market, which can be an edge in bidding and structuring deals. Its asset‑light model avoids drilling risk and capital intensity, but it is fully exposed to swings in oil and gas prices and to the drilling decisions of others. Competition from other royalty aggregators and private capital is real, so maintaining discipline on acquisition pricing is central to preserving this competitive position.

Innovation and R&D

Innovation and R&D Kimbell is not an R&D‑heavy operator; it does not drill or develop technology itself. Its “innovation” is more about using data and engineering analysis to choose the right mineral and royalty packages, often focusing on areas with long well lives and gentle decline profiles. The partnership indirectly benefits from the technological advances of its operating partners—better drilling and completion techniques can extend well life and boost production at no extra cost to Kimbell. Over time, the key innovation lever is likely to be continued improvement in data analytics, deal screening, and portfolio management rather than lab‑style research. This makes its growth model less capital‑intensive, but also means it must stay closely aligned with leading operators and their technology adoption to keep its acreage attractive.

Summary

Kimbell Royalty Partners has evolved from a weak 2020 into a consistently profitable, cash‑generative royalty platform, though earnings have come off their 2022 highs as conditions normalized. Its balance sheet appears reasonably healthy, with moderate leverage supporting an acquisition‑driven strategy. Cash flow is structurally strong because the business is asset‑light, but it can be volatile in years when large deals are executed. Strategically, Kimbell’s strengths lie in its broad acreage diversification, experienced acquisition team, and ability to piggyback on operators’ technology and capital spending without bearing operating risk. The main sensitivities are to commodity prices, operator drilling activity, acquisition discipline, and continued access to credit. Overall, it is a scaled, specialized royalty player with a business model built on steady underlying cash generation and opportunistic consolidation, rather than on direct operational or technological risk‑taking.

NEWS

November 6, 2025 · 7:00 AM UTC

Kimbell Royalty Partners Announces Third Quarter 2025 Results

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September 25, 2025 · 4:15 PM UTC

Kimbell Royalty Partners Announces Date for Third Quarter 2025 Earnings Release and Conference Call

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