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Investor Presentaiton

Portfolio Overview by Basin Kimbell's portfolio consists of high-quality oil and gas assets across almost every major basin the U.S. We believe the portfolio represents a balanced mix of liquids vs. gas with high levels of activity from some of the top operators in the industry. Permian Eagle Ford Haynesville Mid-Continent Bakken Appalachia Rockies Other (1) Total Gross | Net Undeveloped Locations (2)(3) 3,017 | 19.20 1,846 | 17.28 1,309 | 17.04 1,489 | 6.38 2,042 | 4.51 247|2.17 210|1.56 N/A 10,160 | 68.14 Gross | Net Drilled but Uncompleted wells 302 | 0.64 71 | 0.33 73 | 0.27 120 | 0.30 162 | 0.27 22 0.09 49 | 0.05 N/A 799 1.95 ("DUCS")(3)(4) Gross | Net Permits (3)(4) 292 | 0.77 73 | 0.59 39 | 0.15 61 | 0.06 156 | 0.68 39 | 0.13 43 | 0.29 N/A 703|2.67 Q2 2021 Production, 17% 10% 25% 12% 5% 15% 7% 9% 100% % of Total Q2 2021 Production Mix Oil Gas 2% 4% 10% 13% 4% 18% 19% 70% Liquids 52% 69% Liquids 6% 50% Liquids 30% 31% NGL 94% 57% 21% 22% 16% 12% 13% 28% 26% 26% 43% 24% 76% Liquids Liquids 17% Liquids 44% Liquids 38% Liquids 39% Liquids 66% 83% 56% 62% 61% Avg. Gross Horizontal wells per Drilling Spacing Unit ("DSU") (5) Rigs (4) 12.0 6.9 5.9 6.8 8.5 7.6 10.5 N/A 8.3 23 3 11 1 0 0 50 OXY bpx energy bpx energy devon Continental RESOURCES PIONEER NATURAL RESOURCES EP ENERGY Vine Ovintiv HESS OIL & GAS Top Operators EST ✗TO ENERGY PDC ENERGY HighPoint CAERA JONAH ENERGY LLC devon Seogresources RESOURCES= Хто Seog resources GEP CIMAREX XTO Cabot Oil & Gas Corporation Seogr MACPHERSON OXY eog resources ENERGY ENERGY HAYNESVILLE, LLC Note: Includes only horizontal locations. Q2'21 run-rate average daily production is shown on a 6:1 basis and excludes prior period production of 382 boe/d recognized in Q2'21. Represents Kimbell's minor basins in this presentation. Includes basins such as Uinta, San Juan, Barnett, as well as other miscellaneous conventional properties. (1) 6 (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. Assumes forecasted pricing of $55.00 / $2.75 flat. Locations include Permits, proven undeveloped (PUD), Probable, and Possible (per SPE-PRMS reserve definitions based on internal reserves database as of 3/31/2021). Excludes DUCS and small interest wells (minor properties). (4) As of 6/30/2021. (5) Gross horizontal wells per DSU from internal reserves database as of 3/31/2021, DSU sizes vary. KIMBELL ROYALTY PARTNERS
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