Kimbell Royalty Partners, LP Business Summary

Kimbell Royalty Partners, LP (NYSE: KRP) operates as a leading owner and acquirer of mineral and royalty interests in oil and natural gas properties across all major onshore U.S. basins, including the Permian, Mid-Continent, and Appalachian regions. The company employs an asset-light business model, generating revenue through passive royalty payments from over 1,400 upstream operators—such as Diamondback Energy and Coterra Energy—based on the sale of extracted oil, natural gas, and natural gas liquids (NGLs). As of early 2026, its revenue stream is diversified across three primary segments: oil (approximately 64%), natural gas (23%), and NGLs (13%). KRP distinguishes itself as a primary market consolidator in a fragmented sector, maintaining a low-leverage balance sheet and high margins by avoiding the capital expenditures and operational risks associated with direct drilling. Its primary direct competitors include Viper Energy, Inc. (VNOM), Black Stone Minerals, L.P. (BSM), and Franco-Nevada Corporation, against whom KRP competes for high-tier acreage acquisitions while offering a broader geographic footprint. The leadership team is anchored by Chairman and CEO Robert "Bob" Dean Ravnaas, a veteran petroleum engineer and former President of Cawley, Gillespie & Associates, and President and CFO R. Davis Ravnaas, who co-founded the firm's predecessor after tenures at Goldman Sachs and Crestview Partners. Executive Vice Chairman Brett G. Taylor, a co-founder with deep roots in Texas oil and gas land management, and COO Matthew S. Daly, formerly of Lazard Frères & Co., round out the senior executive suite. The partnership was formally established in 2012, evolving from a 1998 investment group supported by the Kimbell Art Foundation and Ben J. Fortson. Today, the company maintains a stable ownership structure with significant insider holdings and institutional backing from major investors such as EnCap Energy Capital and American Century Companies, reflecting its pedigree as a family-founded enterprise that transitioned into a dominant public entity.