Kimbell Royalty Partners

What Kimbell Royalty Partners does

Kimbell Royalty Partners, LP is a Fort Worth, Texas-based publicly traded company (NYSE: KRP) that acquires and manages pure mineral and royalty interests in U.S. onshore oil and gas properties. The company traces its origins to a 1998 handshake agreement among Fort Worth investors and was co-founded by Robert Ravnaas, R. Davis Ravnaas, and Brett G. Taylor; it IPO'd in February 2017 and converted from an MLP to a C-Corporation in September 2018 to broaden its investor base via 1099-DIV distributions.

The portfolio spans over 17 million gross acres across 28 states and every major U.S. onshore basin, including more than 133,000 gross wells (over 53,000 in the Permian Basin alone) and record proved developed reserves of approximately 73 million Boe at year-end 2025. The company's core technology is an asset-light mineral and royalty ownership model with no operating costs or capital expenditures; revenue is generated passively as third-party operators develop acreage, with 85 active rigs drilling on Kimbell land representing roughly 16% of the U.S. lower-48 land rig fleet.

Kimbell generates revenue through royalty income on oil, natural gas, and NGL production (Q1 2026: $82.9M; 25,522 Boe/d run-rate) and grows via bolt-on acquisitions funded with cash and newly issued common units (Boren Minerals in 2025 and Mesa Royalties for $145.9M closed June 2026). The company's customer base is bifurcated: mineral and royalty owners selling assets for upfront liquidity, and income-focused investors receiving quarterly cash distributions (currently $0.41 per unit, ~10.36% yield) via the public market under ticker KRP.

Name

Kimbell Royalty Partners

Legal name

Kimbell Royalty Partners, LP

Website

https://kimbellrp.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Kimbell Royalty Partners (NYSE: KRP) is a Fort Worth-based publicly traded owner of pure mineral and royalty interests in U.S. onshore oil and gas properties, managing over 17 million gross acres across 28 states and more than 133,000 wells. It serves mineral owners seeking liquidity and income-focused investors via high-yield quarterly distributions.

Ownership category

akta.pro rank

Product category

Oil and Gas Mineral and Royalty Interests

NAICS

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (5331)

SIC

Oil Royalty Traders (6792), Mineral Royalty Traders (6795)

akta.pro primary industry

Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties) (FSAHAIAL)

akta.pro secondary industry

Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK)

Keywords

• Mineral royalty interests
• Oil gas royalties
• Royalty acquisition services
• Mineral rights management
• Energy royalty assets

Headquarters

HQ city

Fort Worth

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Royalty Income: The company earns revenue through ownership of mineral and royalty interests in oil and gas properties. Revenue is generated from royalty payments based on production volumes from over 133,000 gross wells. Income is derived from oil, natural gas, and NGL production with no operating costs or capital expenditures required.
2. Asset Acquisitions: Growth through strategic acquisitions of mineral and royalty interests, funded by combinations of cash and equity. Recent $147M Mesa Royalties acquisition expected to be immediately accretive to distributable cash flow per unit.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Kimbell Royalty Partners acquires and owns pure mineral and royalty interests in oil and gas properties across over 17 million gross acres in 28 states, covering more than 133,000 gross wells. The company generates royalty income from oil, natural gas, and NGL production without bearing operating costs or capital expenditures, and provides upfront cash payments to mineral owners selling their royalty interests. Investors receive quarterly cash distributions through tax-advantaged 1099-DIV payments.

Product overview

Kimbell Royalty Partners is a premier oil and gas mineral and royalty company offering a single unified product: ownership and management of mineral and royalty interests across major U.S. onshore basins. The company operates through its core mineral and royalty interests ownership business, complemented by services for mineral owners seeking to sell their royalties and professional leasing management. The portfolio includes over 17 million gross acres in 28 states with more than 133,000 gross wells, primarily concentrated in the Permian Basin. Investors receive quarterly cash distributions via 1099-DIV tax forms.

Differentiator

Problem solved

Functional benefit

Products and services

• Mineral and Royalty Interests Ownership Kimbell Royalty Partners' core business of acquiring and managing oil and gas mineral and royalty interests, providing investors exposure to U.S. onshore energy production through a portfolio spanning over 17 million gross acres in 28 states and more than 133,000 gross wells.
• Mineral Ownership Acquisition Services Acquisition services for mineral owners seeking to sell their royalties, offering upfront cash payments for mineral assets and eliminating uncertainty associated with future royalty streams. Targets sellers in key basins including Permian, Eagle Ford, Bakken, San Juan Basin, Mid-Continent, East Texas, Barnett Shale, Marcellus Shale, Niobrara, and Southern California.
• Mineral Leasing Management Professional land department services that manage leasing activity for Kimbell's mineral interests across multiple managed entities including American Assurance 2000 LP, Cherry Creek Minerals LLC, and other managed entities.
• Cash Distributions to Unitholders Quarterly cash distributions to unitholders, with historical distributions ranging from $0.13 to $0.55 per unit, providing tax-advantaged 1099-DIV distributions without K-1 requirements.

Quantifiable outcome

• 85 active rigs drilling on acreage representing approximately 16% of U.S. land rig count
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Mesa RoyaltiescoreStrategic or Co-development Partner · 19 May 2026Kimbell Royalty Partners agreed to acquire mineral and royalty interests from Mesa Royalties in a transaction valued at approximately $147 million, funded with roughly 70% newly issued OpCo units and 30% cash. The acquired assets span the Permian Basin across 16 counties with over 2,300 gross producing wells, 711 Net Royalty Acres, and approximately 600 undeveloped locations. Transaction closed June 22, 2026 and is expected to be immediately accretive to distributable cash flow per unit.
• Boren MineralscoreStrategic or Co-development Partner · 7 January 2025Kimbell Royalty Partners conducted a public offering of common units to fund the cash portion of its acquisition of mineral and royalty interests from Boren Minerals. The acquisition supports the company's expansion in oil and natural gas mineral and royalty assets in the U.S.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Texas Pacific Land Corporation: Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in West Texas and a premier Permian-focused mineral and royalty owner. While TPL also owns significant surface and royalty assets, its mineral/royalty segment, Permian exposure, and income-oriented investor base make it the closest large-cap comparable to Kimbell.
• Black Stone Minerals, L.P. Black Stone Minerals (NYSE: BSM) is one of the largest U.S. owners of oil and natural gas mineral interests, with acreage across multiple basins. Its pure mineral-royalty model, MLP/C-Corp structure, and acquisition-driven growth strategy closely mirror Kimbell's business.
• Viper Energy, Inc. Viper Energy (NASDAQ: VNOM) is a mineral and royalty acquisition company focused primarily on the Permian Basin, sponsored by Diamondback Energy. While it has tighter geographic and operator concentration than Kimbell, it shares the same core asset-light mineral/royalty model and competes in the same M&A market for Permian mineral packages.
• Sitio Royalties Corp. Sitio Royalties (NYSE: STR) is one of the largest pure-play mineral and royalty companies in the U.S., formed from the merger of Brigham Minerals and Sitio Royalties. It owns mineral and royalty interests across the Permian, Eagle Ford, Williston, DJ, and Anadarko basins — a directly comparable business model, customer base (mineral sellers and income-oriented investors), and asset base to Kimbell.
• SandRidge Permian Trust: SandRidge Permian Trust is a Permian-focused royalty trust holding net royalty interests in producing properties. While smaller and structurally different (trust vs. operating company), it competes for similar Permian mineral/royalty investors and provides a directional comparable for Permian royalty economics.
• Brigham Minerals, Inc. (historical): Brigham Minerals was a direct competitor to Kimbell in Permian-focused mineral and royalty acquisitions before merging into Sitio Royalties in 2022. Its pre-merger scale, basin focus, and acquisition strategy make it a historically direct peer relevant for benchmarking Kimbell's growth trajectory.
• Dorchester Minerals, L.P. Dorchester Minerals (NASDAQ: DMLP) is a long-standing U.S. mineral and royalty partnership with diversified interests across multiple basins. It is a direct competitor for mineral asset acquisitions and serves a comparable income-oriented unitholder base, making it one of the cleanest comparables for Kimbell's distribution-yield-driven equity story.

Broad incumbents

• Franco-Nevada Corporation: Franco-Nevada (NYSE: FNV) is the largest precious-metals-focused royalty and streaming company in the world, with a growing energy royalty portfolio. While primarily gold/silver rather than oil & gas, its broader royalty/streaming model, growth-by-acquisition strategy, and income-investor base make it a relevant broad comparable for the mineral/royalty category Kimbell operates in.
• Royal Gold, Inc. Royal Gold (NASDAQ: RGLD) is a major precious-metals royalty and streaming company with selective energy royalty exposure. It is comparable to Kimbell as a broad incumbent in the alternative-asset / royalty category, although its commodity focus and larger streaming deals differ from Kimbell's pure oil & gas mineral model.
• Osisko Gold Royalties Ltd: Osisko Gold Royalties (NYSE: OR) is a mid-tier precious-metals royalty and streaming company with diversified mineral interests. It operates in the same alternative-assets / royalty category as Kimbell, with a similar acquisition-driven growth strategy, although its commodity focus is on gold rather than oil & gas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/kimbell-royalty-partners
• Facebookfacebook.com/Kimbell-Royalty-Partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kimbell Royalty Partners