Investor Presentaiton

Total BOE, 6:1 Drilling Maintenance to Achieve Flat Production KRP had approximately 670 Major / 1,030 Minor (over 1,700 total) gross horizontal wells drilled on its acreage in 2019. Based on our inventory, this implies an estimated ~15 years of drilling inventory. The ~6 net wells drilled on KRP acreage in 2019 resulted in 8% production growth. Through rigorous analysis, it is estimated that only 4.5 net wells per year are needed to maintain a flat production profile going forward 600,000 500,000 400,000 300,000 200,000 100,000 о Jan-18 4.5 net wells needed to maintain flat production Feb-18 Mar-18 Apr-18 May-18 Jun-18 10 (1) Includes upside locations in major and minor properties. Jul-18 Note: Using 2019 as a reference point, 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. Aug-18 Sep-18 Oct-18 At 4.5 net wells per year, Kimbell has approximately 19 years of drilling inventory(1) Nov-18 ■■BOE, 2019 new wells ■BOE exc. 2019 new wells Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 KIMBELL ROYALTY PARTNERS

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