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
PARTNERSView entire presentation