WINTER 2019 INVESTOR PRESENTATION

CONFIDENTIAL | NOT FOR DISTRIBUTION

 Disclaimer
This presentation includes forward-looking statements relating to the business, financial performance, results, plans, objectives and expectations of Kimbell Royalty
Partners, LP (“KRP” or “Kimbell”). Statements that do not describe historical or current facts, including statements about beliefs and expectations and statements about the
federal income tax treatment of future earnings and distributions, Kimbell’s business, prospects for growth and acquisitions, and the securities markets generally are
forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar
expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. Except as required by law, KRP undertakes no obligation and
does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this presentation. When considering these forward-
looking statements, you should keep in mind the risk factors and other cautionary statements in KRP’s filings with the Securities and Exchange Commission (“SEC”). These
include risks inherent in oil and natural gas drilling and production activities, including risks with respect to low or declining prices for oil and natural gas that could result in
downward revisions to the value of proved reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production
levels, which would adversely impact cash flow; risks relating to the impairment of oil and natural gas properties; risks relating to the availability of capital to fund drilling
operations that can be adversely affected by adverse drilling results, production declines and declines in oil and natural gas prices; risks regarding Kimbell’s ability to meet
financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance; risks relating to KRP’s hedging activities; risks of fire,
explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may
temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or
completion of drilling operations; risks relating to delays in receipt of drilling permits; risks relating to unexpected adverse developments in the status of properties; risks
relating to borrowing base redeterminations by Kimbell’s lenders; risks relating to the absence or delay in receipt of government approvals or third-party consents; risks
related to acquisitions, dispositions and drop downs of assets; risks relating to Kimbell's ability to realize the anticipated benefits from and to integrate acquired assets; and
other risks described in KRP’s Annual Report on Form 10-K and other filings with the SEC, available at the SEC’s website at www.sec.gov. You are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the date of this presentation.
This presentation includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Consolidated
Adjusted EBITDA, and distributable cash flow (“DCF”). KRP believes Consolidated Adjusted EBITDA is useful because it allows management to more effectively evaluate
KRP’s operating performance and compare the results of KRP’s operations period to period without regard to KRP’s financing methods or capital structure. In addition,
KRP’s management uses Consolidated Adjusted EBITDA to evaluate cash flow available to pay distributions to its unitholders. KRP defines Consolidated Adjusted EBITDA
as net income (loss), net of non-cash unit-based compensation, change in fair value of open commodity derivative instruments, impairment of oil and natural gas properties,
income taxes, interest expense and depreciation and depletion expense. KRP excludes the foregoing items from net income (loss) in arriving at Consolidated Adjusted
EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets,
capital structures and the method by which the assets were acquired. Certain items excluded from Consolidated Adjusted EBITDA are significant components in
understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as historic costs of depreciable assets,
none of which are components of Consolidated Adjusted EBITDA. KRP believes DCF is a useful standard to assist in evaluating its ability to make quarterly cash
distributions. KRP defines distributable cash flow as Consolidated Adjusted EBITDA, less cash needed for debt service and other contractual obligations, tax obligations,
fixed charges and reserves for future operating or capital needs that the board of directors may determine is appropriate.
Consolidated Adjusted EBITDA and DCF are not measures of net income (loss) or net cash provided by operating activities as determined by GAAP. Consolidated Adjusted
EBITDA and DCF should not be considered an alternative to net income, oil, natural gas and natural gas liquids revenues or any other measure of financial performance or
liquidity presented in accordance with GAAP. You should not consider Consolidated Adjusted EBITDA or DCF in isolation or as a substitute for an analysis of KRP’s results
as reported under GAAP. Because Consolidated Adjusted EBITDA and DCF may be defined differently by other companies in KRP’s industry, KRP’s computations of
Consolidated Adjusted EBITDA and DCF may not be comparable to other similarly titled measures of other companies, thereby diminishing their utility.
This presentation is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

2
 Table of Contents

Section I Company Overview and History

Section II Detailed Asset Overview

Section III Mineral Market Opportunity

3
 Section I – Company Overview and History

4
 Kimbell Overview
Q3’19 Combined Production from the Most
Company Overview
Economic Areas (Boe/d)(9)
 Royalty interests in over 92,000 wells across 13 million gross acres (approximately Permian
144,100 net royalty acres) in the lower 48, with significant positions in some of the Other
highest growth basins 12%
20%
 No material federal income taxes expected for seven years. Substantially all
distributions not expected to be taxable dividend income for next four years. Less Mid-Continent
than 25% of distributions expected to be taxable for subsequent three years(1) 12%
 Leading consolidator in highly fragmented oil and gas royalty space – completed Rockies
approximately $700mm in accretive acquisitions between July 2018 and March 4% 12,785 Boe/d
2019
Eagle Ford
 Liquids-focused with approximately 64% of royalty revenues from oil and NGLs(2)
11%
 82 rigs drilling on Kimbell acreage at no cost to the company(3) Haynesville
Bakken 23%
 Best-in-class PDP decline rate of approximately 12%(4) 4%
Appalachia
 33% of Q3’19 production is from enhanced oil recovery (“EOR”) units and
14%
conventional fields with shallow declines

Capitalization Table Active Rigs on Acreage by Basin(3)

Common Units Outstanding 23,520,219 Rockies
Class B Units Outstanding(5) 23,388,258 Eagle Ford 6%
Total Units Outstanding 46,908,477 5%
Permian
Unit Price (6) $14.14 Bakken 38%
Market Capitalization $663,285,865 15%

Net Debt(7) $70,963,495

82 Rigs
Appalachia
Series A Convertible Preferred Units 110,000,000 2%
Enterprise Value $844,249,360

Tax Status: 1099-DIV/ No K-1 Haynesville

18% Mid-Continent
Yield(8) 11.9%
16%
(1) See page 9 of this presentation for information concerning the assumptions and estimates underlying the expected tax treatment of distributions. (6) Closing unit price as of 10/30/2019.
(2) Q3’19 Kimbell oil, natural gas and NGL revenues are derived from a product mix of 57% oil, 7% NGL and 36% natural gas. (7) Net debt as of 9/30/2019.
5 (3) Rig count as of 9/30/2019. (8) Reflects the annualized Q3’19 distribution.
(4) Estimated 5-Year PDP average decline rate on a 6:1 basis. (9) Shown on a 6:1 basis. Q3’19 run-rate average daily production excludes prior period production
(5) A Class B unit is exchangeable together with a common unit of Kimbell’s operating company for a KRP common unit. recognized in Q3’19.
 Superior Value Proposition
 Kimbell compares favorably on key traditional investment metrics to publicly traded companies
across various industries
 Offers superior combination of tax advantaged dividend yield with a strong balance sheet

NYSE + NASDAQ Publicly Traded Companies

(5,542 companies)

Dividend Yield(1)
>10% 192 companies

Market Cap
>$500 million 83 companies
Leverage Ratio(2)
<2.0x 9 companies
Expected Tax
Deferred Dividend(3)
Kimbell expects substantially all
distributions will not be taxable
dividend income for the next four
years (2019-2022). Distributions
for 2023-2025 are expected to be
only 25% taxable.

Source: Capital IQ as of 10/30/2019.

(1) Dividend yield is defined as a company’s most recent quarterly distribution annualized divided by such company’s current share price.
6 (2) Leverage ratio is defined as a company’s total debt divided by such company’s LTM EBITDA.
(3) See page 9 of this presentation for information concerning the assumptions and estimates underlying the expected tax treatment of distributions.
 Company Highlights
 Net Royalty Acre position of approximately 144,100 acres(1) across multiple producing basins provides diversified scale

− Key basins include the Permian and Mid-Con where 44% of the Net Royalty Acres are located

 ~95% of all rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions(2)
High-Quality Asset
Base  Best-in-class PDP decline rate of approximately 12%(3)

 33% of Q3’19 production is from EOR units and conventional fields with shallow declines

− EOR production has been notably flat for the last twenty years (0.2% 20-Year CAGR)

 No material federal income taxes expected for the next seven years (less than 5% of distributable cash flow)
 Substantially all distributions paid to common unitholders not expected to be taxable dividend income for the next four
years (2019-2022)
Attractive Tax
 Less than 25% of distributions to common unitholders expected to be taxable dividend income for subsequent three
Structure(4)
years (2023-2025)
 Status as a C-Corp for tax purposes provides a more liquid and attractive security
 Energy yield investor market has ~$6.0 trillion in assets under management, ~60x size of the MLP market

 Kimbell will continue to opportunistically target high-quality positions in the highly fragmented minerals arena
Kimbell Positioned
 Kimbell can capitalize on weak IPO markets by providing an avenue for sponsors looking to exit minerals investments
as a Natural
Consolidator  Significant consolidation opportunity in the minerals industry, with over $550 billion in market size and limited public
participants of scale

 Kimbell targets long-term leverage of less than 1.5x

Prudent Financial − Debt to Consolidated Adjusted EBITDA of 1.0x as of 9/30/2019(5)

Philosophy  Actively hedging for two years representing approximately 19% of current production
 Insider ownership of 21.3% ensures shareholder alignment(6)

Source: Company filings and Kimbell management (4) See page 9 of this presentation for information concerning the assumptions and estimates underlying the expected
(1) Acreage numbers include mineral interests and overriding royalty interests. tax treatment of distributions.
7 (2) As of 9/30/2019. (5) Consolidated Adjusted EBITDA is annualized (Q3’19 Consolidated Adjusted EBITDA multiplied by four).
(3) Estimated 5-Year PDP average decline rate on a 6:1 basis. (6) Does not include Kimbell’s Series A preferred units on an as-converted basis.
 Consistent Organic Growth over the Last 20 Years
Kimbell’s assets have proven resilient through multiple commodity
price cycles and geopolitical events

KRP Pro Forma Organic Net Production Growth (1999-2018)(1)

1,900,000 OPEC fails to
U.S. production
reaches 10mm bbl/d 19,000,000
agree on cut
1,700,000
17,500,000
Oil + NGLs (BBL)/Year

1,500,000
16,000,000
1,300,000

Gas (MCF)/Year
14,500,000
Global
1,100,000 financial crisis

September 11, 13,000,000

900,000 2001

11,500,000
700,000
U.S. declares
war on Iraq 10,000,000
500,000

300,000 8,500,000
Oil & NGLs Gas
100,000 7,000,000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
KRP Organic Growth
Time Frame Oil+NGLs Gas Total (6:1) Total (20:1)
20-Year 3.7% 2.9% 3.2% 3.4%
10-Year 6.6% 4.1% 5.0% 5.8%
5-Year 3.7% 2.0% 2.7% 3.2%
1-Year 11.2% (1.0%) 3.6% 7.1%
(1) Reflects the compound annual growth rate attributable to Kimbell’s currently owned mineral and royalty interests as if it had acquired all of such interests on January 1, 1999.

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 Expected Favorable Tax Treatment of Earnings and
Distributions(1)

On May 13, 2019, Kimbell announced the expected favorable federal income tax treatment of its
future earnings and distributions paid to common unitholders for at least the next seven years

 Kimbell expects that:

 For the next seven years (2019 to 2025), the company will pay no material federal
income taxes (less than 5% of estimated pre-tax distributable cash flow)
 For the next four years (2019 to 2022), substantially all distributions paid to common
unitholders will not be taxable dividend income
 For 2023 through 2025, less than 25% of distributions paid to common unitholders will be
taxable dividend income
 Distributions in excess of the amount taxable as dividend income will reduce an
investor's tax basis in its common units or produce capital gain to the extent such
distributions exceed an investor's tax basis, and the reduced tax basis will increase an
investor's capital gain when it sells its common units

We believe that this expected favorable federal income tax treatment will enhance the after-tax
returns to Kimbell common unitholders

(1) This expected favorable tax treatment is the result of certain non-cash expenses (principally depletion) substantially offsetting the company's taxable income and tax "earnings and profit.” The company's estimates of the tax treatment of company earnings
and distributions are based upon assumptions regarding the capital structure and earnings of our operating company, the capital structure of the company and the amount of the earnings of our operating company allocated to the company. Many factors
9 may impact these estimates, including changes in drilling and production activity, commodity prices, future acquisitions or changes in the business, economic, regulatory, legislative, competitive or political environment in which the company operates. These
estimates are based on current tax law and tax reporting positions that we have adopted and with which the Internal Revenue Service could disagree. These estimates are not fact and should not be relied upon as being necessarily indicative of future results,
and no assurances can be made regarding these estimates. Investors are encouraged to consult with their tax advisor on this matter.
 Active Rigs Drilling on Kimbell’s Acreage (as of 9/30/2019)

Kimbell has 82 active rigs (88% horizontal) drilling on our acreage at no cost to us

Permian Haynesville Mid-Continent

Well Name Operator County/State Well Name Operator County/State Well Name Operator County/State
1 FULLERTON CLEARFORK UNIT-1815EXXON ANDREWS, TX 32 HA RA SU61;CHK 33-28-21 HC-003 AETHON BIENVILLE, LA 47 COOLEY-4-24-25-36XHW CONTINENTAL GRADY, OK
2 NORTH DOLLARHIDE UNIT-514H OCCIDENTAL ANDREWS, TX 33 HA RA SU67;ROY 18-19 HC-001 AETHON BOSSIER, LA 48 COOLEY-5-24-25-36XHW CONTINENTAL GRADY, OK
3 GOLDSMITH LANDRETH/SAN AND KINDER MORGAN ECTOR, TX 34 HA RA SU69;TREAT 14-23 HC-003 AETHON BOSSIER, LA 49 COOLEY-3-24-25-36XHW CONTINENTAL GRADY, OK
4 TATIA 0310-101H FIREBIRD ECTOR, TX 35 HA RA SUE;HEARNE 20-17 HC-002 COMSTOCK CADDO, LA 50 GALVIN-3-22-15XHW CONTINENTAL GRADY, OK
5 SYCO UNIT-78 SABINAL GAINES, TX 36 HA RA SUE;QUERBES 20-17 HC-004 COMSTOCK CADDO, LA 51 JACQUEZ-2-18-19XHW CONTINENTAL GRADY, OK
6 KOONCE SOUTH 46-3 UNIT 1-243 ENDEAVOR GLASSCOCK, TX 37 HA RA SUTT;AFP28&21&16-15-16H CHESAPEAKE CADDO, LA 52 KIMBER 0707-17-20-1MH CAMINO NR GRADY, OK
7 LPI-DRIVER 33-28 (ALLOC-F)-6NU LAREDO GLASSCOCK, TX 38 HA RA SUE;BEDSOLE 3-10 HC-002 COMSTOCK DESOTO, LA 53 RUE 0606-2-22-15 WXH MARATHON GRADY, OK
8 GARON 27-22-2AH SABALO HOWARD, TX 39 HA RA SUJ;BLUNT 10&3-12-15 HC INDIGO II DESOTO, LA 54 SPARKS-2-22-27-34XHW CONTINENTAL GRADY, OK
9 CARTHEL 31-TTT-B02 WF-201H MATADOR LOVING, TX 40 HA RA SUN;LAND & KNOWLES 8-5 GEOSOUTHERN DESOTO, LA 55 UMBACH-8-21-28-33XHW CONTINENTAL GRADY, OK
10 YELLOW ROSE B UNIT-3H EOG LOVING, TX 41 HA RA SUQ;PERKINS 3-10 HC-001 COMSTOCK DESOTO, LA 56 UMBACH-4-21-28-33XHW CONTINENTAL GRADY, OK
11 BESSIE 44-41 (ALLOC-1NH)-5LB GUIDON MARTIN, TX 42 SCRUGGS 10&3-12-15 H-001 INDIGO II DESOTO, LA 57 YELLOW SUB 0605-35-2-4WHX WARWICK-JUPITERGRADY, OK
12 BESSIE 44-41 (ALLOC-1NH)-1LL GUIDON MARTIN, TX 43 CARTHAGE GAS UNIT-1H COMSTOCK PANOLA, TX 58 FANNIE-3-1/12H TRINITY PITTSBURG, OK
13 FRANCES 12-1-A-4402H PARSLEY MARTIN, TX 44 WAGSTAFF-BECKVILLE-1HH SPONTE PANOLA, TX 59 RALPH 0304-4-11-2WXH MARATHON GARVIN, OK
14 PATRICIA UNIT 2-4816AH EXXON MARTIN, TX 45 CHAPEL HILL 3 (ALLOCATION)-1H MAVERICK SMITH, TX
15 PATRICIA UNIT 2-4878JH EXXON MARTIN, TX 46 CHAPEL HILL 6 (ALLOCATION)-1H MAVERICK SMITH, TX Rockies
16 PATRICIA UNIT 2-4806BH EXXON MARTIN, TX
17 PATRICIA UNIT 2-4808BH EXXON MARTIN, TX Bakken Well Name Operator County/State
18 ARICK-HOOPER UNIT-103H PIONEER MIDLAND, TX 72 COMBS 11-33-71 USA A-NB 4H CHESAPEAKE CONVERSE, WY
19 ARICK-HOOPER UNIT-5H PIONEER MIDLAND, TX Well Name Operator County/State 73 CLAUSEN 7-34-70-USA A NB 2H CHESAPEAKE CONVERSE, WY
20 GOLLADAY-8HB MURCHISON MIDLAND, TX 60 CROSBY CREEK-4-5H SINCLAIR DUNN, ND 74 CLAUSEN-12-34-71 USA B TR 7H CHESAPEAKE CONVERSE, WY
21 HOGAN 1-13-C-4206H PARSLEY MIDLAND, TX 61 MARINER-14X-36D EXXON DUNN, ND 75 STUD HORSE BUTTE-119-09 JONAH SUBLETTE, WY
22 RINGO 8-9-DZ-4108H PARSLEY REAGAN, TX 62 HA-NELSON A--152-95-3427H-8 HESS MCKENZIE, ND 76 STUD HORSE BUTTE-28-14 JONAH SUBLETTE, WY
23 ALLISON 36-54 ALLOC A-10 H CARRIZO REEVES, TX 63 WOLD FEDERAL-44-1-3TFH WHITING MCKENZIE, ND
24 BLANCO A 224-223E-10H PRIMEXX REEVES, TX 64 EN-RULAND--156-94-3328H-4 HESS MOUNTRAIL, ND Eagle Ford
25 SACROC UNIT-92-13 KINDER MORGAN SCURRY, TX 65 ETHAN 15-22-#3TFH KRAKEN III MOUNTRAIL, ND
26 SUNTURA (LOWER CLEAR FORK) U GREAT TERRY, TX 66 LINDSETH-11-1-2H WHITING MOUNTRAIL, ND Well Name Operator County/State
27 BROOK B-13B-8H PIONEER UPTON, TX 67 LAVERN-42X-14BXC EXXON WILLIAMS, ND 77 WILLIAM B-3H CHESAPEAKE BURLESON, TX
28 G.W. O'BRIEN ET AL-4H BOSQUE WARD, TX 68 LINDA-41X-22H EXXON WILLIAMS, ND 78 STAG HUNTER-5H PENN VIRGINIA GONZALES, TX
29 UTL 2833-17-83H JAGGED PEAK WARD, TX 69 MARCIA 3-10-#8TFH EQUINOR WILLIAMS, ND 79 SLATOR RANCH-A 6 SMITH PROD WEBB, TX
30 W.E. BAIRD-1807 MECO IV WINKLER, TX 70 OLAF-42X-11C EXXON WILLIAMS, ND 80 SLATOR RANCH-C 4 SMITH PROD ZAPATA, TX
31 ALLEY CAT 17 20 FEDERAL COM-52 DEVON LEA, NM 71 TI-STENBAK--158-95-2526H-4 HESS WILLIAMS, ND

Appalachia

Well Name Operator County/State

81 BLUE BECK LTD-8H SWN SUSQUEHANNA, PA
82 REIMILLER UNIT REIMILLER 11H-11HBKV WYOMING, PA

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 Kimbell’s Track Record Since IPO
Production Growth (Boe/d)(1) Net Royalty Acres(3)

12,785
11,958 11,807 144,117 144,117 144,117
131,909
10,066
115,256 115,256
8,546

69,807 69,807 71,336 71,276

62,992

3,297 3,508 3,650 3,633

3,116 3,067

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19(2) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19

Distribution Growth Cash G&A per Boe

$4.08
$3.66 $0.42
$0.39 $7.47 $7.33
$3.27 $6.99
$2.90 $0.37 $6.20 $6.40 $6.32
$5.65
$2.50 $0.40
$0.45 $4.50
$2.05 $3.66 $3.95 $3.82
$1.62 $0.43 $3.27 $3.30
$0.42 $2.90
$1.20 $2.50
$0.84 $0.36 $2.05
$1.62
$0.53 $0.31 $1.20
$0.23 $0.30 $0.84
$0.53
$0.23 $0.23
(4) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19
1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19

Prior Cumulative Distributions Quarterly Distributions

We have returned ~23% of our $18.00/unit IPO price via cash dividends in just under three years
Source: Company filings and presentations.
(1) Shown on a 6:1 basis.
11 (2) Q3’19 run-rate average daily production excludes prior period production of 2,053 Boe per day recognized in Q3’19.
(3) Acreage numbers include mineral interests and overriding royalty interests.
(4) Stub distribution from 2/8/2017 to 3/31/2017.
 Section II – Detailed Asset Overview

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 Scale Across Lower 48
13.0 million gross acres across 28 states and in every major producing basin
~95% of all rigs in the Lower 48 are in counties where Kimbell holds mineral interests positions(1)

(1) Based on DrillingInfo rig count as of 9/30/2019.

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 Kimbell’s Permian Position
 ~2.6 million gross and ~23,500 net royalty acres represent
approximately 20% and 16%, respectively, of Kimbell’s acreage
portfolio

 31 rigs operating on KRP’s Permian acreage

 Q3’19 run-rate production of 1,561 Boe/d

− Represents 12% of Q3’19 run-rate production

− 63% conventional production, 37% unconventional

production

 ~40,200 producing wells

 Leading E&P operators on KRP’s acreage include:

Note: Q3’19 run-rate average daily production excludes prior period production recognized in Q3’19 and is shown on a 6:1 basis. Well count, acreage and rig count as of 9/30/2019.
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 Kimbell’s Mid-Continent Position
 ~3.6 million gross and ~40,600 net royalty acres represent
approximately 28% and 28%, respectively, of Kimbell’s acreage
portfolio

 13 rigs operating on KRP’s Mid-Con acreage

 Q3’19 run-rate production of 1,471 Boe/d

− Represents 12% of Q3’19 run-rate production

− 34% conventional production, 66% unconventional

production

 ~10,100 producing wells

 Leading E&P operators on KRP’s acreage include:

Note: Q3’19 run-rate average daily production excludes prior period production recognized in Q3’19 and is shown on a 6:1 basis. Well count, acreage and rig count as of 9/30/2019. Data represents entire Mid-Con position
15 while map represents KRP’s Oklahoma position in the Mid-Continent.
 Kimbell’s Haynesville Position
 ~745,700 gross and ~7,100 net royalty acres represent
approximately 6% and 5%, respectively, of Kimbell’s acreage
portfolio

 15 rigs operating on KRP’s Haynesville acreage

 Q3’19 run-rate production of 2,917 Boe/d

− Represents 23% of Q3’19 run-rate production

− 10% conventional production, 90% unconventional

production

 ~8,500 producing wells

 Leading E&P operators on KRP’s acreage include:

Note: Q3’19 run-rate average daily production excludes prior period production recognized in Q3’19 and is shown on a 6:1 basis. Well count, acreage and rig count as of 9/30/2019.
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 Kimbell’s Appalachia Position
 ~721,700 gross and ~23,100 net royalty acres represent
approximately 6% and 16%, respectively, of Kimbell’s acreage
portfolio

 2 rigs operating on KRP’s Appalachia acreage

 Q3’19 run-rate production of 1,751 Boe/d

− Represents 14% of Q3’19 run-rate production

− 12% conventional production, 88% unconventional

production

 ~3,000 producing wells

 Leading E&P operators on KRP’s acreage include:

Note: Q3’19 run-rate average daily production excludes prior period production recognized in Q3’19 and is shown on a 6:1 basis. Well count, acreage and rig count as of 9/30/2019.
17
 Kimbell’s Eagle Ford Position
 ~532,100 gross and ~6,300 net royalty acres represent
approximately 4% and 4%, respectively, of Kimbell’s acreage
portfolio

 4 rigs operating on KRP’s Eagle Ford acreage

 Q3’19 run-rate production of 1,382 Boe/d

− Represents 11% of Q3’19 run-rate production

− 8% conventional production, 92% unconventional production

 ~2,400 producing wells

 Leading E&P operators on KRP’s acreage include:

Note: Q3’19 run-rate average daily production excludes prior period production recognized in Q3’19 and is shown on a 6:1 basis. Well count, acreage and rig count as of 9/30/2019.
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 Kimbell’s Bakken Position
 ~1.6 million gross and ~6,000 net royalty acres represent
approximately 12% and 4%, respectively, of Kimbell’s acreage
portfolio

 12 rigs operating on KRP’s Bakken acreage

 Q3’19 run-rate production of 500 Boe/d

− Represents 4% of Q3’19 run-rate production

− 17% conventional production, 83% unconventional

production

 ~3,800 producing wells

 Leading E&P operators on KRP’s acreage include:

Note: Q3’19 run-rate average daily production excludes prior period production recognized in Q3’19 and is shown on a 6:1 basis. Well count, acreage and rig count as of 9/30/2019.
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 Kimbell has the Optimal Balance of Unconventional and
Conventional Assets
Kimbell has approximately 33% of its overall production from conventional assets including certain Enhanced Oil
Recovery (EOR) projects. This conventional production provides a base level of production stability that helps
facilitate overall organic production growth as new unconventional wells come online. In addition, EOR
production has been notably flat over the last 20 years (0.2% 20-Year CAGR).

Oil Gas

29.4% 24.0%
50.7% 49.3% 19.9% 74.1% 25.9%

1.9%

Unconventional Conventional EOR Non-EOR Unconventional Conventional EOR Non-EOR

NGL Total Production (Boe)

26.9% 23.4%
64.0% 36.0% 66.6% 33.4%
9.1% 10.0%

Unconventional Conventional EOR Non-EOR Unconventional Conventional EOR Non-EOR

Note: Graphs reflect Q3 2019 Production on a 6:1 basis.
20
 5-Year PDP Decline Forecast
Shallow decline rates from both its conventional and unconventional assets help to create Kimbell’s best-in-
class overall proved developed producing (PDP) decline rate of 12%. This is in contrast to many of the working
interest companies and some mineral peers
5-Yearthat have PDP decline rates of over 30%.
Total BOE

6% Decline Rate(1)
Jul-19

Mar-20
May-20
Jul-20

Mar-21
May-21
Jul-21

Mar-22
May-22
Jul-22

Mar-23
May-23
Jul-23

Mar-24
May-24
Nov-19

Nov-20

Nov-21

Nov-22

Nov-23
Sep-19

Jan-20

Sep-20

Jan-21

Sep-21

Jan-22

Sep-22

Jan-23

Sep-23

Jan-24
Unconventional Conventional - EOR Conventional - Non EOR Total

(1) Estimated 5-Year PDP average decline rate on a 6:1 basis.

21
 Section III – Mineral Market Opportunity

22
 Tremendous Consolidation Opportunity
National minerals market is approximately 2x larger than the entire Permian working interest
market with only 1/32nd of the public consolidation

National Minerals Market Permian Basin Working Interest Market

Total Market Size(1): ~$550 billion Total Market Size(3): ~$270 billion

Total Public Company

Enterprise Value(2): Market Total Public Company
Market 2% Opportunity: Enterprise Value(4):
Opportunity: 37% 63%
98%

Source: EIA and FactSet. (3) Market size calculated based on production data and strip pricing from EIA as of 3/1/19. Assumes an average royalty burden of
(1) Midpoint of market size estimate range. Based on production data from EIA as of 8/8/19 and average 2019 strip pricing. 20%. Also assumes a 64% average EBITDA margin and a 5.5x average EBITDA multiple per FactSet and derived from the
23 Assumes 20% of royalties are on Federal lands and there is an average royalty burden of 20%. Assumes a 10x multiple on cash following companies: XEC, PE, WPX, CDEV, PDCE, JAG, MTDR, QEP, SM, CPE, LPI, CXO, OXY, FANG and PXD.
flows to derive total market size. (4) Enterprise values of XEC, PE, WPX, CDEV, PDCE, JAG, MTDR, QEP, SM, CPE, LPI, CXO, OXY, FANG and PXD as of 3/1/19.
(2) Enterprise values of KRP, BSM, FLMN, DMLP, MNRL and VNOM as of 9/30/19.
 Highest Cash Flow Yield Across Multiple Sectors

U.S. oil and gas royalty companies offer an attractive 9.2% yield versus the rest of the public space, including
midstream companies, integrateds and large cap E&Ps. In addition, royalty companies offer far superior cash
yields as compared to the precious metals and REIT sectors as well as the S&P 500.

Distribution/Dividend Yield Comparison

12.1%

9.2%

6.6%

3.9% 3.8%
3.1%
1.9%
1.3%

RoyaltyCo's Midstream Integrateds MSCI REIT Large-Cap E&P S&P 500 Precious Metal
Index Producers

Source: Capital IQ as of 10/29/2019. RoyaltyCo: Average of VNOM, BSM, FLMN, MNRL and KRP distribution yield; Midstream based on AMNA Index; Large-Cap E&Ps: Includes APA, COP, HES, MRO, MUR, NBL, OXY, DVN, ECA, COG; Integrateds: Includes CVX,
XOM, CNQ, CVE, HSE, IMO, SU; Precious metal producers: Includes ABX (CA), AEM (CA), FCX, NEM, OR, RGLD, WPM.
24
 Minerals have Outperformed Most Other Broad Sectors

In recent years, the minerals market has significantly outperformed many

other major sectors, especially oil and gas, in regards to total return

Total Return by Sector (1/1/18 – Present)

35.0%
30.2%

25.0% 22.4%
20.3%
19.0%
15.6%
13.8%
15.0%

7.0%
4.9%
5.0% 3.3% 3.0%

(5.0%) (2.8%)

(15.0%)

(17.6%)

(25.0%)

(35.0%)

(39.3%)
(45.0%)
Technology Consumer Utilities REITs Minerals Health Care Consumer Industrials Financials Communication Materials Energy Oil & Gas
Discretionary Staples Services

Source: FactSet as of 10/29/2019.

Note: All sectors except Minerals and Oil & Gas based on S&P 500 select sector indices. Minerals based on average total return of BSM, DMLP, MNRL, KRP, VNOM and FLMN where applicable. Oil & Gas based on XOP Oil & Gas E&P ETF.
25
 Kimbell’s Performance vs. Mineral Peers and the XOP Index
Total Return YTD 2019 – Mineral Peers(1)
50.0%
40.0%
30.0%
20.0%
15.8% KRP
10.0%
1.5% VNOM
– (0.5%) MNRL
(5.6%) BSM
(10.0%)
(20.0%) (21.0%) FLMN
(24.6%) PSK
(30.0%)
(40.0%)
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

Total Return YTD 2019 – XOP Index(2)

16%

(19%)

KRP XOP
1/1/19 4/12/19 7/21/19 10/30/19
Source: Company filings and S&P Capital IQ.
(1) Returns based on common equity price as of 1/1/2019, year-to-date distributions and common equity price as of 10/30/2019.
26 (2) KRP returns based on unit price of $13.58 as of 1/1/2019, year-to-date distributions and unit price of $14.14 as of 10/30/2019. S&P Oil and Gas Index (XOP) returns based on XOP’s share price of $26.53 as of 1/1/2019, year-to-date distributions and XOP’s share
price of $21.23 as of 10/30/2019.
 Minerals are Subsurface Real Estate
Kimbell’s 5% organic proved developed producing (PDP) reserve growth is akin to adding
additional floors to a subsurface building

Positive
PDP Reserves
Revisions YE 2018
PDP Reserves Production
YE 2017

 82 active rigs drilling at no cost to Kimbell creates “additional floors” to subsurface building
 Our real estate continues to grow and our ~12% yield is approximately 3x the yield of the US
REIT Index at ~4%(1)
Source: Bloomberg
(1) Kimbell and the US REIT Index (^RMZ) yield rates are as of 10/29/2019.
27
 Appendix

28
 History

Kimbell has a strong track record of success as a natural consolidator in the mineral and royalty industry

Completed Closed Phillips

March 2019
February 2017

September 2018
conversion acquisition from
With a to C-Corp EnCap for $172
1998

handshake for taxation million in equity

agreement in purposes; consideration;
Kimbell Royalty completed production
October 2015

1998, a small Kimbell

group of Fort Partners, LP completed follow-on nearly
Signed Closed Closed drop Entered into

December 2018

June 2019
May 2018

July 2018
Worth based formed IPO equity quadrupled
agreement acquisition of down joint venture
investors laid offering since IPO
to acquire Haymaker acquisition to aggregate
the Haymaker assets for for $90 minerals in the
groundwork for assets $444 million million in micro-market
what is now in cash and equity
Kimbell equity consideration
consideration

1998 2015 2016 2017 2018 2019

29
 Production and Net Royalty Acreage Overview

Q3’19 Combined Production from the Most

Net Royalty Acres
Economic Areas (Boe/d)(1)

Permian
Other 12% Other
20% 26% Mid-Continent
28%

Rockies
Rockies <1%
4% 12,785 Boe/d 144,117
Eagle Ford
Eagle Ford 4%
11%
Bakken
Haynesville 4%
Bakken 23%
4% Permian
Haynesville 16%
Appalachia 5%
14%
Appalachia
16%

(1) Shown on a 6:1 basis. Q3’19 run-rate average daily production excludes prior period production recognized in Q3’19.

30
 Defining a Net Royalty Acre

The calculation of a Net Royalty Acre differs across industry participants

 Kimbell calculates its Net Royalty Acres(1) as follows: Net Mineral Acres x Royalty Interest(2)

− This methodology provides a clear and easily understandable view of Kimbell’s acreage position

Royalty
Net Mineral Acres Net Royalty Acres
Interest

 Many companies use a 1/8th convention which assumes eight royalty acres for every mineral acre

− This convention overstates a company’s net royalty interest in its total mineral acreage position as
shown below

Kimbell Acreage Under Both Methodologies(3)

Net Royalty Acres 144,117

Net Royalty Acres 1,152,936

(normalized to 1/8th)

(1) Net Royalty Acres derived from ORRIs are calculated by multiplying Gross Acres and ORRIs.
31 (2) Royalty Interest is inclusive of all other burdens.
(3) Acreage as of 9/30/2019.
 Mineral Interests Generally Senior to All Claims
in Capital Structure
In many states, mineral and royalty interests are considered by law to be real
property interests and are thus afforded additional protections under bankruptcy law

Mineral Interest owner entitled to ~15-25% of

production revenue

Senior Secured Debt

Senior Debt

Subordinated Debt

Equity

Working Interest owner entitled to ~75-85% of

production revenue and bears 100% of
development cost and lease operating expense

32
 Overview of Mineral & Royalty Interests

Minerals NPRIs ORRIs

 Perpetual real-property interests that
grant oil and natural gas ownership
under a tract of land
 Represent the right to either explore,
drill, and produce oil and natural gas
or lease that right to third parties for
an upfront payment (i.e. lease bonus)
and a negotiated percentage of
production revenues
 Nonparticipating royalty interests
 Royalty interests that are carved out
of a mineral estate
 Perpetual right to receive a
fixed cost-free percentage of
production revenue
 Do not participate in upfront
payments (i.e. lease bonus)
 Overriding royalty interests
 Royalty interests that burden the
working interests of a lease
 Right to receive a fixed, cost-free
percentage of production
revenue (term limited to life of
leasehold estate)

Illustrative Mineral Revenue Generation

1 2 3 4
Unleased Minerals KRP Issues a Lease Leased Minerals Lease Termination
Revenue Share  KRP receives an upfront Revenue Share  Upon termination of a lease,
 KRP: 100% cash bonus payment and  KRP: 20-25% all future development rights
customarily a 20-25% royalty revert to KRP to explore or
 Operator: 0%  Operator: 75-80%
on production revenues lease again
Cost Share  In return, KRP delivers the Cost Share
right to explore and develop
 KRP: 100%  KRP: 0%
with the operator bearing
 Operator: 0% 100% of costs for a specified  Operator: 100%
lease term

33
 Historical Selected Financial Data
Non-GAAP Reconciliation (in thousands)

Three Months Ended

September 30, 2019

Net loss $ (28,914)

Depreciation and depletion expense 15,098
Interest expense 1,468
Provision for income taxes 103
Consolidated EBITDA $ (12,245)
Impairment of oil and natural gas properties 34,880
Unit-based compensation 1,810
Gain on commodity derivative instruments, net of settlements (1,684)
Consolidated Adjusted EBITDA $ 22,761

Annualized Consolidated Adjusted EBITDA $ 91,044

Long-term debt (as of 9/30/19) 91,261
Debt to Consolidated Adjusted EBITDA 1.0x

34