Kimbell Royalty Partners
22 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
Top ten operators (ConocoPhillips, Vital Energy, EOG Resources, Occidental Petroleum, Diamondback, CPX Energy, Pioneer Natural Resources, Devon Energy, Ovintiv, Verdun Oil)
earns from · approximately 47.1% of our revenuesnamed as a riskAs of December 31, 2025, there were approximately 1,300 operators actively producing on our acreage, with our top ten operators (Conoco Phillips, Vital Energy, EOG Resources, Inc., Occidental Petroleum, Diamondback E&P LLC, CPX Energy Operating LLC, Pioneer Natural Resources Company, Devon Energy Production Company, Ovintiv ExplorationInc. and Verdun Oil Company) together accounting for approximately 47.1% of our revenues.Business (Item 1)
Top purchaser
earns from · approximately 7.7%, 9.1% and 6.7%During the years ended December 31, 2025, 2024 and 2023, payments we received from our top purchaser accounted for approximately 7.7%, 9.1% and 6.7%, respectively, of our revenues.Business (Item 1)
Range Resources Corporation
earns fromOur mineral interests are leased and operated by Range Resources Corporation/Memorial Resource Development Corp.Business (Item 1)
Suppliers
Kimbell Operating
depends onnamed as a riskNeither we, our General Partner nor our subsidiaries have any employees, and we rely solely on Kimbell Operating to manage us and operate our assets.Risk factors (Item 1A)
Partners and platforms
Sponsors and Contributing Parties
depends on · up to 50% of any acquisitionsnamed as a riskThe acquisition component of our strategy is based, in large part, on our expectation of ongoing acquisitions from industry participants, including our Sponsors and the Contributing Parties.Risk factors (Item 1A)
Other companies
Derivative counterparties (credit facility lenders)
seven counterpartiesnamed as a riskAs of December 31, 2025, we had seven counterparties to our derivative contracts, which are also lenders under our credit facility.Market risk (Item 7A)
Secured revolving credit facility
depends on · $441.5 millionnamed as a riskAs of December 31, 2025, we had approximately $441.5 million in borrowings outstanding under our senior secured credit facility.Risk factors (Item 1A)
Also named by ULTA
OPEC
exposed to its pricenamed as a riskReductions in prices can be caused by many factors, including increases in oil and natural gas production and reserves from unconventional (shale) reservoirs, without an offsetting increase in demand, as well as actions by the OPEC to maintain or raise production levels.Risk factors (Item 1A)
Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KMI, MUR and 9 more
Places
Permian Basin
concentrated in · approximately 54% of our aggregate acres located in the Permian Basin and Mid-ContinentAs of December 31, 2025, we owned mineral and royalty interests in approximately 12.3 million gross acres and overriding royalty interests in approximately 4.7 million gross acres, with approximately 54% of our aggregate acres located in the Permian Basin and Mid-Continent.Business (Item 1)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Mid-Continent
concentrated in · 56% and 54% of our well count and gross aggregate acreageAs of December 31, 2025, 56% and 54% of our well count and gross aggregate acreage, respectively, are located in the Permian Basin and Mid-Continent, which are among the most active areas in the country.Business (Item 1)
Terryville Field
operates in · 16,444We own a substantial position in the core of the Terryville Field that the Contributing Parties acquired in 2007.Business (Item 1)
Hazards
Induced seismicity regulation (Colorado, Ohio, Oklahoma, Texas)
subject tonamed as a riskSome state regulatory agencies, including those in Colorado, Ohio, Oklahoma and Texas, have modified their regulations or taken other regulatory actions to curtail injection of produced water to account for induced seismicity.Risk factors (Item 1A)
Commodities and inputs
Crude oil
exposed to its price · 62% from oil salesnamed as a riskFor the year ended December 31, 2025, our oil, natural gas and NGL revenues were generated 62% from oil sales, 25% from natural gas sales and 13% from NGL sales.Business (Item 1)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Natural gas
exposed to its price · 25% from natural gas salesnamed as a riskFor the year ended December 31, 2025, our oil, natural gas and NGL revenues were generated 62% from oil sales, 25% from natural gas sales and 13% from NGL sales.Business (Item 1)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Natural gas liquids (NGLs)
exposed to its price · 13% from NGL salesnamed as a riskFor the year ended December 31, 2025, our oil, natural gas and NGL revenues were generated 62% from oil sales, 25% from natural gas sales and 13% from NGL sales.Business (Item 1)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more
Henry Hub natural gas
exposed to its price · $4.00 per MMBtunamed as a riskOn December 31, 2025, the WTI posted price for crude oil was $57.26 per Bbl and the Henry Hub spot market price of natural gas was $4.00 per MMBtu.Risk factors (Item 1A)
Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more
WTI crude oil
exposed to its price · $57.26 per Bblnamed as a riskOn December 31, 2025, the WTI posted price for crude oil was $57.26 per Bbl and the Henry Hub spot market price of natural gas was $4.00 per MMBtu.Risk factors (Item 1A)
Also named by AR, CHRD, CRGY, EPD, EQT, FANG, OXY, PAA and 4 more
Sand and proppants
depends onnamed as a riskThe oil and natural gas industry is cyclical, which can result in shortages of drilling rigs, equipment, raw materials (particularly sand and other proppants), supplies and personnel.Risk factors (Item 1A)
Also named by FANG
Regulators
Federal Energy Regulatory Commission (FERC)
subject toThe interstate transportation of oil and natural gas and the sale for resale of natural gas is subject to federal regulation, including regulation of the terms, conditions and rates for interstate transportation, storage and various other matters, primarily by the Federal Energy Regulatory Commission (“FERC”).Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Laws and programs
Hydraulic fracturing regulation
subject tonamed as a riskThe operators of our properties use hydraulic fracturing for the completion of their wells.Risk factors (Item 1A)
Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more
EPA methane rules
subject tonamed as a riskImplementation of more stringent laws and regulations, including the reinstatement of the final methane rule from May 2024 or enactment of future methane regulations, may increase the costs of compliance for oil and natural gas producers and impact production of the acreage underlying our mineral and royalty interests, and federal and state regulatory agencies can impose administrative, civil and criminal penalties for non-compliance with air permits or other requirements of the federal Clean Air Act and associated state laws and regulations.Business (Item 1)