Investor Presentaiton

Organic Growth and 5-Year PDP Decline Forecast Prior to the pandemic-related slowdown in 2020, KRP had demonstrated a strong organic compounded annual growth rate of 8% over a 10-year timeframe through 2019 along with a superior PDP decline rate of 12% due to shallow declines from both conventional and unconventional assets Total BOE, , 6:1 1,000,000 100,000 KRP PDP Reserves (2) MBoe (6:1): 42,418 Oil (MBbls): 12,294 Gas (MMcf): 144,233 NGL (MBbls): 6,085 10,000 Jan-10 Jan-11 Jan-12 Jan-13 (2) €2 9 (1) Estimated 5-Year PDP average decline rate on a 6:1 basis. Jan-14 Jan-15 Jan-16 Jan-17 BOE 12% Kimbell Decline Rate (1) Jan-18 Jan-19 PDP Decline Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Reflects estimated proved oil and gas reserves filed in Kimbell's year-end 2020 reserve report included in its Form 10-K filed with the SEC. Management believes year-end 2020 PDP reserves may be underrepresented due to new wells which began producing at the end of the year which are not included in our estimate. KIMBELL ROYALTY PARTNERS

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