olivLaw · US equity research
Kimbell Royalty Partners, LP KRP
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
Kimbell Royalty Partners owns mineral and royalty interests in US oil and natural gas, so its royalty income depends on volumes produced by operators and on commodity prices, without bearing drilling or operating costs. In the second quarter of 2026 it reported record oil, natural gas and NGL revenues of $103.0 million, and production reached 25,830 Boe per day, which matters for investors tracking energy-linked distributions.
At the close of 04 Nov 2026, Kimbell Royalty Partners, LP (KRP) stock was 15.48 USD (−5.15% on the day), with market capitalisation 415.5 m USD, P/E 4.1, beta 0.45, 52-week range 11.36–16.97 USD. Latest reported quarter (Q2 2026): revenue of 112.5 m USD (+30.0% YoY), net income of 47.3 m USD (+77.3% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.7
- weak (30–45)
- Bollinger (20, 2)
- 15.09 – 17.41
- in the lower half of the band · %B 0.17 · band width 14.3%
- SMA 50 / 200
- 15.36 / 14.79
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.32 / 0.44
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.7% | −1.1% | +5.8 pp | — |
| 3 months | +7.2% | −0.5% | +7.7 pp | — |
| 6 months | +6.1% | +4.4% | +1.7 pp | — |
| Year to date | +31.6% | +12.3% | +19.3 pp | — |
| 1 year | +18.4% | +13.5% | +4.9 pp | +19.9% |
| 3 years | −6.7% | +76.4% | −83.2 pp | +12.1% |
| 5 years | +3.1% | +63.7% | −60.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 83.8 m | 66.7 m | 84.2 m | 86.5 m | 80.6 m | 82.5 m | 65.5 m | 112.5 m |
| SG&A | 9.5 m | 9.4 m | 9.6 m | 9.6 m | 10.1 m | 10.4 m | 9.4 m | 10.2 m |
| Operating income | 34.2 m | -38.7 m | 33.6 m | 37.8 m | 28.8 m | 32.6 m | 15.8 m | 59.7 m |
| Depreciation & amortisation | 32.2 m | 31.8 m | 31.1 m | 30.5 m | 31.0 m | 31.9 m | 29.3 m | 30.2 m |
| Interest expense | 6.5 m | 6.0 m | 6.6 m | 8.9 m | 9.8 m | 9.1 m | 8.2 m | 8.4 m |
| Pre-tax income | 27.7 m | -44.6 m | 26.9 m | 28.8 m | 19.1 m | 23.5 m | 7.6 m | 51.3 m |
| Income tax | 1.9 m | -5.4 m | 1.1 m | 2.2 m | -3.3 m | -1.3 m | 703.0 k | 4.0 m |
| Net income | 25.8 m | -39.3 m | 25.9 m | 26.7 m | 22.3 m | 24.8 m | 6.9 m | 47.3 m |
| Operating cash flow | 62.4 m ≈ | 56.6 m | 54.2 m | 72.3 m ≈ | 62.8 m ≈ | 57.2 m | 49.4 m | 68.3 m ≈ |
| Share repurchases | — | — | — | — | — | — | 7.3 m | 7.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70.3 m | 108.2 m | 90.5 m | 135.6 m | 248.1 m | 294.1 m | 309.3 m | 333.8 m |
| Revenue YoY | unavailable | +54.0% | −16.4% | +49.9% | +82.9% | +18.5% | +5.2% | +7.9% |
| Net income | -52.3 m | -158.2 m | -256.1 m | 42.4 m | 130.8 m | 83.0 m | 11.1 m | 99.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | +208.2% | −36.5% | −86.7% | +800.2% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -74.4% | -146.2% | -283.0% | 31.3% | 52.7% | 28.2% | 3.6% | 29.9% |
| Free cash flow | 32.8 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 44.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- unavailable USD
- Total assets
- 1.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 8.64x
- ROE
- unavailable
- ROA
- 8.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 90.5 m | 135.6 m | 248.1 m | 294.1 m | 309.3 m | 333.8 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 25.9 m | 27.0 m | 29.1 m | 35.7 m | 38.5 m | 39.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -250.7 m | 49.3 m | 136.9 m | 109.9 m | 37.0 m | 132.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 48.0 m | 36.8 m | 50.1 m | 96.5 m | 135.1 m | 124.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -202.7 m ≈ | 86.1 m ≈ | 187.0 m ≈ | 206.4 m ≈ | 172.1 m ≈ | 257.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 6.4 m | 9.2 m | 13.8 m | 26.0 m | 26.7 m | 34.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -257.0 m | 42.5 m | 133.5 m | 86.8 m | 10.3 m | 98.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -885.2 k | 74.1 k | 2.7 m | 3.8 m | -771.0 k | -1.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -256.1 m | 42.4 m | 130.8 m | 83.0 m | 11.1 m | 99.7 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.8 m | 7.1 m | 24.6 m | 31.0 m | 34.2 m | 44.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 28.3 m | 45.4 m | 75.2 m | 103.1 m | 85.3 m | 88.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 2.0 m | 1.9 m | 953.8 k | 589.9 k | 267.0 k | 629.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 564.6 m | 601.5 m | 1.1 bn | 1.3 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 888.7 k | 811.0 k | 1.2 m | 6.6 m | 6.5 m | 3.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 171.6 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Current liabilities | 8.8 m | 28.3 m | 18.8 m | 13.0 m | 12.7 m | 10.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 186.3 m | 252.6 m | 263.3 m | 309.3 m | 256.4 m | 456.2 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 62.2 m | 91.4 m | 166.6 m | 174.3 m | 250.9 m | 246.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -90.8 m | -55.6 m | -374.7 m | -246.7 m | -210.0 k | -223.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 24.2 m | -38.6 m | 226.1 m | 78.4 m | -247.5 m | -13.2 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 415.5 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 32.61 – 57.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E32.61 – 57.63 (Mid 39.53)19 companies used · median multiple 10.5x · quartiles 8.6x – 15.3xAPA, CKX, DEC, DMLP, DVN, EOG, EQT, EXE, FANG, GPRK, MNR, MTDR, OVV, OXY, PARR, PR, REPX, SD, TTE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 29.7% | 89 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 10.4% | 87 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 36 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 7.3x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 4.1x | 95 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet62/100 · 2/3 factors with a value
- Growth· partial87/100 · 1/2 factors with a value
- Quality· partial89/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial95/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Kimbell Royalty Partners, LP (KRP). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 333.8 m USD in 2025; YoY growth 7.9%; net margin 29.7%.
The estimated value range is 32.61–57.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 39.53 USD, the price of 15.48 USD leaves a potential of 155.4% (value / price − 1) and a margin of safety of 60.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 29.7%
- Revenue CAGR 3Y: 10.4%
- Current ratio: 7.3x
- P/E (TTM): 4.1x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| PBRPetrobras - Petroleo Brasileiro SA | 145.9 bn | 33.8 | 10.9% | 8.2% | −10.7% | +56% / +28% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| PARRPar Pacific Holdings, Inc. | 3.5 bn | 3.6 | 50.9% | 9.8% | −6.4% | +53% / +103% |
| TALOTalos Energy Inc. | 2.6 bn | — | -18.1% | -18.4% | −9.8% | +36% / +12% |
| NOGNorthern Oil And Gas, Inc. | 2.4 bn | — | -22.1% | -25.4% | +11.2% | −1% / −40% |
| MNRMach Natural Resources LP | 1.7 bn | 19.1 | — | 7.4% | +21.2% | −15% / −43% |
| DMLPDorchester Minerals, L.P. | 1.4 bn | 15.6 | — | 45.5% | −5.4% | +27% / −5% |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| DECDiversified Energy Company | 942.7 m | 16.7 | 11.0% | 4.9% | +141.5% | −11% / +1,434% |
| EGYVaalco Energy Inc | 568.0 m | — | -24.4% | -31.1% | −25.0% | +51% / +16% |
| GPRKGeoPark LTD | 487.6 m | 9.9 | 22.1% | 10.1% | −25.5% | +16% / +4% |
| SDSandridge Energy, Inc. | 468.3 m | 5.7 | 16.2% | 46.1% | +24.8% | −11% / −9% |
| KRPKimbell Royalty Partners, LP | 415.5 m | 4.1 | — | 29.7% | +7.9% | +18% / −7% |
| GTEGran Tierra Energy Inc. | 355.6 m | — | -97.9% | -40.0% | −4.0% | +122% / +59% |
1- and 3-year price returns: for KRP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.69 Total return -37% · Per year -37% | 17.09 Total return 10% · Per year 10% | 25.68 Total return 66% · Per year 66% |
| 3 years | 10.56 Total return -32% · Per year -12% | 20.83 Total return 35% · Per year 10% | 34.20 Total return 121% · Per year 30% |
| 5 years | 11.50 Total return -26% · Per year -6% | 25.39 Total return 64% · Per year 10% | 45.55 Total return 194% · Per year 24% |
- Exit P/E± 5.21
- Net margin± 3.65
- Annual revenue growth± 2.83
- Annual dilution± 0.31
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Kimbell Royalty Partners owns mineral and royalty interests in US oil and natural gas, so its royalty income depends on volumes produced by operators and on commodity prices, without bearing drilling or operating costs. In the second quarter of 2026 it reported record oil, natural gas and NGL revenues of $103.0 million 3, and production reached 25,830 Boe per day 3, which matters for investors tracking energy-linked distributions.
SWOT
Strengths
- The company holds a diversified portfolio of low-decline assets spread across many major producing basins.
- It bears no drilling or operating costs, which limits its exposure to capital spending.
- The management team has long experience in acquiring mineral and royalty interests.
Weaknesses
- Revenue depends directly on oil and gas prices, which are volatile.
- The company does not normally retain cash to replace reserves, which could reduce long-term distributions.
- Debt under the revolving credit facility is significant and could limit financial flexibility.
Opportunities
- Recent and announced acquisitions could expand the production base if integration succeeds.
- A larger revolving credit facility could finance further transactions.
- The inventory of drilled but uncompleted wells and permitted locations could support organic growth.
Threats
- A fall in oil or gas prices could quickly reduce revenue and distributions.
- Lower drilling activity by operators could reduce production on the company's acreage.
- Environmental rules and tax policy changes could affect the sector.
Risks
- Dependence on commodity priceshigh
Revenue comes from royalties calculated on the price of production, which can vary widely for reasons outside the company's control 1.
- Conflicts of interest with Sponsorsmedium
The Sponsors and their affiliates may pursue their own interests and have no obligation to sell assets to the company 1.
- Indebtedness under the revolvermedium
Debt outstanding under the revolving credit facility was $478.7 million at 30 June 2026 3, and further borrowing could limit future distributions and acquisitions.
- Geopolitical and regulatory risklow
Armed conflicts and regulatory changes on climate and hydraulic fracturing could affect operators and production volumes 2.
Investment thesis
What would need to be true (bull case)
- If prices stay high and operators keep drilling, royalty income could grow without additional capital investment by the company.
- The recent pace of acquisitions and a growing production base could support rising distributions if integration goes well.
- A large inventory of drilled but uncompleted wells and permitted locations could generate organic growth over the long term.
What would break the thesis
- Volatility in oil and gas prices could quickly reduce revenue and distributions, especially if prices fall.
- Rising debt under the revolving credit facility could limit financial flexibility if acquisitions do not deliver the expected returns.
- Lower drilling activity or environmental regulation could reduce the production on which royalties depend.
What to watch
- Completion of the drop down transaction and the update to financial guidanceQ3 2026
- Trend in the number of active rigs on the company's acreageQ4 2026
- Level of debt under the revolving credit facility and the pace of repaymentQ4 2026
- Next annual report with proved reserves and drilling inventorynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Kimbell is a Delaware limited partnership formed in 2015 that owns and acquires mineral and royalty interests in US oil and natural gas properties. Its revenue comes from royalty payments received from operators, calculated as a cost-free percentage of production sold, net of post-production expenses and taxes 1. The company does not fund drilling, completion or plugging costs, and its primary objective is to deliver increasing cash distributions to unitholders. At 31 December 2025 it held interests in about 12.3 million gross acres and over 133,000 wells across 28 states 1, with oil accounting for 62% of 2025 revenue 1.
The strategy rests on four pillars: acquisitions from third parties, the Sponsors and the Contributing Parties, organic growth from operators developing the acreage, a conservative capital structure, and long-term management. In 2026 the company closed the $145.9 million Mesa Royalties acquisition and announced a drop down transaction in July 3. Proved reserves at 31 December 2025 totalled 72,944 MBoe, all classified as proved developed 1.
Drilling on Kimbell's acreage depends on the exploration and production companies that lease it, so the company tracks active rig counts as a signal of future activity. As of 30 June 2026 there were 91 rigs active on its acreage, about 16% of US land rigs 3. Its results therefore depend on operators' decisions to keep investing, not on its own capital spending.
Segments
Oil
Oil made up 62% of oil, natural gas and NGL revenue in 2025 1, and the average realised oil price in the second quarter of 2026 was $94.67 per barrel 3. This segment dominates revenue and is the most sensitive to global prices.
Natural gas and NGLs
Natural gas accounted for 25% of revenue in 2025 and NGLs for 13% 1. The average gas price in the second quarter of 2026 was $2.01 per Mcf and the NGL price $29.12 per barrel 3, showing a clear difference between the segments.
Wells and development
Operators had 1,016 gross drilled but uncompleted wells and 776 permitted locations on the company's major properties at 30 June 2026 3. This inventory could support future production if operators choose to complete the wells, making it an organic growth factor.
Market context
The company operates in the US oil and gas industry, where prices have been volatile in recent years. Oil ranged between $55.44 and $80.73 per barrel in 2025 1, and gas between $2.65 and $9.86 per MMBtu over the same year 1. The active rig count fell from 573 to 527 between December 2024 and December 2025, according to the same source 1.
The royalty interest market depends on operators' development pace, the availability of capital and consolidation deals. Kimbell presents itself as a leading consolidator in the sector, which could open further acquisition opportunities if prices and financing conditions stay favourable 3.
Trends
- Commodity price volatilitymixed
Oil and gas prices are volatile, and conflicts in Ukraine and the Middle East together with OPEC decisions add uncertainty. If prices remain high, royalty income could rise, but if they fall it could decline quickly.
- Royalty sector consolidationtailwind
Royalty companies are buying interests from smaller owners, and Kimbell has announced over $360 million in acquisitions in the last 90 days 3. This trend could increase the revenue base if integration goes well.
- Declining rig activityheadwind
The active rig count fell from 573 to 527 during 2025 1, which could reduce development activity on the company's acreage if the decline continues.
- Tax and environmental policymixed
The tax law enacted in July 2025 permanently reduced the corporate tax rate and changed interest deductibility limits 1. Environmental regulation and climate-related pressure could, however, limit operators' drilling and affect long-term production.
Competitive position
Kimbell competes with other mineral and royalty companies for acquisitions, and the sources consulted do not name its direct rivals in detail. The company notes that competition in the oil and gas and mineral and royalty industries affects acquisition opportunities 2. Its advantage could lie in the management team's experience and its access to Sponsor transactions.
The company can grow its portfolio through third-party acquisitions and through participation rights in Sponsor transactions, which gives it a different position from peers. That structure depends on the Sponsors' willingness to sell assets, since they have no obligation to do so 1.
- Other mineral and royalty owners
Competitors for US mineral acquisitions, not individually identified in the sources.
- Independent oil and gas operators
Companies drilling on Kimbell's acreage that may allocate capital to other areas.
- Energy asset investment funds
Private investors that may compete for the same royalty acquisition deals.
- Other listed royalty owners
Listed sector peers pursuing the same consolidation strategy, not specifically identified in the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Oct 2026Other events
- Current report24 Aug 2026Material agreement · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Jul 2026Material agreement · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Jun 2026Material agreement · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report19 May 2026Material agreement · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Mar 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Kimbell Royalty Partners, LP · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Kimbell Royalty Partners, LP · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Kimbell Royalty Partners, LP · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.