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Investor Presentaiton

Kimbell Overview Kimbell is a pure play mineral company with a diverse portfolio of interests in the highest growth shale basins and stable conventional fields with shallow decline rates Company Overview Provides ownership in diversified, high margin, shallow decline assets with zero capital requirements needed to support resilient free cash flow Interests in over 97,000 gross wells across over 13 million gross acres in the US ■ ~96% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions(1) Approximately 2% of acreage is federal land with active fracking and, as a result, no material impact is expected from any potential suspension of permitting or fracking on federal lands in the US ONSHORE CALIFORNIA Kimbell Mineral and Royalty Assets SAN JUANT BASIN BAKKEN THREE FORKS WILLISTON BASIN DJ BASIN WOLFCAMP/ BONE SPRING/ SPRABERRY MIDCONTINENT SCOOP STACK ILLINOIS UTICA BASIN PERMIAN BASIN FORT WORTH BASIN BARNETT TERRYVILLE/ COTTON VALLEY/L HAYNESVILLE SHALE OTHER OTHER TX-LA-MS SALT BASIN WESTERN GULF BASIN EAGLE FORD RESOURCE PLAY KIMBELL ROYALTY PARTNERS USGS NOGA BASIN OR PROVINCE APPALACHIAN BASIN MARCELLUS Investment Highlights High Quality, Diversified Asset Base 15+ years of drilling inventory remaining (2) Superior PDP decline rate of approximately 12% (3) ■ Net Royalty Acre position of approximately 146,000 acres (1) across multiple producing basins provides diversified scale ■ Attractive Tax Structure (4) Substantially all distributions paid to common unitholders from 2021 through 2025 are not expected to be taxable dividend income Prudent Financial Philosophy Net Debt/ TTM EBITDA of 1.7x as of 6/30/21 Kimbell targets long-term leverage of less than 1.5x Actively hedging for two years representing approximately 33% of current production Significant insider ownership with approximately 19% of the company owned by management, board and affiliates ensures shareholder alignment(5) Positioned as Natural Consolidator ■ Kimbell will continue to opportunistically target high quality positions in the highly fragmented minerals arena Significant consolidation opportunity in the minerals industry with approximately $563 billion (6) in market size and limited public participants of scale €2 (1) Acreage numbers include mineral interests and overriding royalty interests. (5) (2) 4 Based on pace of major gross well completions during 2019, which management believes is a more normalized (6) level of activity compared to 2020, which was impacted by the slowdown resulting from the COVID-19 pandemic. See pages 6-8 and 40 for additional detail. (3) (4) Estimated 5-Year PDP average decline rate on a 6:1 basis. See page 15 of this presentation for information concerning the assumptions and estimates underlying the expected tax treatment of distributions. As of 6/30/21. Does not include Kimbell's Series A preferred units on an as-converted basis. Midpoint of market size estimate range. Based on production data from EIA and spot price as of 7/7/2021. Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 18.75%. Assumes a 10x multiple on cash flows to derive total market size. Excludes natural gas liquids ("NGLS") value and overriding royalty interests. KIMBELL ROYALTY PARTNERS
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