Investor Presentaiton

Portfolio Transparency & Defining Upside Potential Kimbell's acreage position contains an estimated 15 years (1) of drilling inventory across its major(2) Portfolio Transparency & Defining Upside Potential properties alone ■ We believe that Kimbell is known for its superior proved developed producing ("PDP") reserves and five-year PDP decline rate of 12%, but upside potential from its extensive drilling inventory is not fully appreciated by the market ■ As of March 31, 2021, we had identified 10,160 gross / 68.14 net (100% NRI) total upside locations (3) on major(2) properties alone, which represents an estimated ~15 years(1) of drilling inventory. Major properties comprise approximately 80% of our portfolio. Management estimates that minor (2) properties can potentially add up to 20% to our net inventory, which implies our total upside inventory could potentially be as high as 85.2 net locations ■ Used conservative spacing assumptions relative to our peers, averaging 12 gross horizontal wells/DSU in the Permian. The Permian, Eagle Ford, and Haynesville basins account for approximately 80% of the total undrilled net inventory in Kimbell's portfolio ■ We estimate that only 4.5 net wells are needed per year to maintain production, which reflects approximately 19 years of drilling inventory at this drilling rate Virtually no upside locations on federal (BLM) acreage, or in Colorado or California ■ As of June 30, 2021, Kimbell had 799 gross / 1.95 net DUCs and 703 gross / 2.67 net permitted locations on its major (2) properties alone ■ Upside analysis was reviewed by Ryder Scott, a leading third-party independent international engineering firm Note: Assumes forecasted pricing of $55.00 / $2.75 flat. All inventory figures as of March 31, 2021, unless specified separately. See page 40 in appendix for further details on process and methodology. Based on pace of major gross well completions during 2019, which management believes is a more normalized level of activity compared to 2020, which was impacted by the slowdown resulting from the COVID-19 pandemic. (1) 7 (2) (3) Locations only include Kimbell's major properties in major basins and do not include minor properties, which generally have less than 0.1% net revenue interest and are time consuming to quantify, but in the estimation of Kimbell's management could add up to an additional 20% to Kimbell's net inventory in the aggregate. For a description of major properties and basins, see page 6. Does not include DUC inventory. KIMBELL ROYALTY PARTNERS

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