Kimbell Royalty Partners (KRP) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity Registrant Name	Kimbell Royalty Partners, LP
Entity File Number	001-38005
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5505475
Entity Address, Address Line One	777 Taylor Street, Suite 810
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	945-9700
Title of 12(b) Security	Common Units Representing Limited Partner Interests
Trading Symbol	KRP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001657788
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Units
Document Information
Entity Common Stock, Shares Outstanding		42,916,472
Class B
Document Information
Entity Common Stock, Shares Outstanding		17,611,579

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 12,698,756	$ 9,804,977
Oil, natural gas and NGL receivables	30,683,099	17,552,756
Accounts receivable and other current assets	1,495,525	973,956
Total current assets	44,877,380	28,331,689
Property and equipment, net	2,257,936	1,964,660
Investment in affiliate (equity method)	4,689,604	5,134,951
Oil and natural gas properties
Oil and natural gas properties, using full cost method of accounting ($171,847,133 and $225,681,626 excluded from depletion at September 30, 2021 and December 31, 2020, respectively)	1,149,610,813	1,149,095,232
Less: accumulated depreciation, depletion and impairment	(652,252,233)	(628,102,279)
Total oil and natural gas properties, net	497,358,580	520,992,953
Right-of-use assets, net	2,921,796	3,123,454
Derivative assets	661,338
Loan origination costs, net	4,282,273	5,086,486
Total assets	557,048,907	564,634,193
Current liabilities
Accounts payable	1,028,487	888,735
Other current liabilities	6,317,566	4,765,161
Derivative liabilities	33,731,319	3,113,178
Total current liabilities	41,077,372	8,767,074
Operating lease liabilities, excluding current portion	2,639,197	2,848,452
Derivative liabilities	8,180,206	3,167,685
Long-term debt	192,709,601	171,550,142
Other liabilities	479,167
Total liabilities	245,085,543	186,333,353
Commitments and contingencies (Note 14)
Mezzanine equity:
Series A preferred units (25,000 and 55,000 units issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)	20,407,128	42,666,102
Unitholders' equity:
Common units (42,916,472 units and 38,918,689 units issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)	270,527,661	257,593,307
Class B units (17,611,579 and 20,779,781 units issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)	880,579	1,038,989
Total unitholders' equity	271,408,240	258,632,296
Noncontrolling interest	20,147,996	77,002,442
Total equity	291,556,236	335,634,738
Total liabilities, mezzanine equity and unitholders' equity	$ 557,048,907	$ 564,634,193

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Oil and natural gas properties excluded from depletion	$ 171,847,133	$ 225,681,626
Temporary equity, issued (in units)	25,000	55,000
Temporary equity, outstanding (in units)	25,000	55,000
Common units, issued (in units)	42,916,472	38,918,689
Common units, outstanding (in units)	42,916,472	38,918,689
Class B units, issued (in units)	17,611,579	20,779,781
Class B units, outstanding (in units)	17,611,579	20,779,781

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
(Loss) gain on commodity derivative instruments	$ (17,566,617)	$ (5,897,646)	$ (45,919,531)	$ 193,995
Total revenues	31,794,314	18,444,163	79,938,194	67,194,568
Costs and expenses
Production and ad valorem taxes	3,104,502	1,840,607	8,100,733	4,916,858
Depreciation and depletion expense	8,828,517	10,704,945	25,076,429	36,002,109
Impairment of oil and natural gas properties	0	22,237,131	0	158,698,835
Marketing and other deductions	2,996,434	2,511,919	8,842,942	6,692,850
General and administrative expense	6,766,628	6,110,846	20,247,843	19,500,306
Total costs and expenses	21,696,081	43,405,448	62,267,947	225,810,958
Operating income (loss)	10,098,233	(24,961,285)	17,670,247	(158,616,390)
Other income (expense)
Equity income in affiliate	261,336	292,803	719,958	460,360
Interest expense	(2,495,465)	(1,603,006)	(6,692,263)	(4,689,907)
Other (expense) income	(397,608)	(100,000)	16,347	(100,000)
Net income (loss) before income taxes	7,466,496	(26,371,488)	11,714,289	(162,945,937)
Benefit from income taxes		(694,864)		(694,864)
Net income (loss)	7,466,496	(25,676,624)	11,714,289	(162,251,073)
Distribution and accretion on Series A preferred units	(4,849,996)	(1,577,968)	(8,005,932)	(6,232,620)
Net income (loss) and distributions and accretion on Series A preferred units attributable to noncontrolling interests	(761,311)	9,482,090	(1,024,655)	63,429,454
Distribution on Class B units	(17,610)	(23,141)	(59,170)	(71,089)
Net income (loss) attributable to common units	$ 1,837,579	$ (17,795,643)	$ 2,624,532	$ (105,125,328)
Net income (loss) attributable to common units
Net income (loss) attributable to common units (basic) (in dollar per share)	$ 0.04	$ (0.50)	$ 0.07	$ (3.13)
Net income (loss) attributable to common units (diluted) (in dollar per share)	$ 0.04	$ (0.50)	$ 0.06	$ (3.13)
Weighted average number of common units outstanding
Weighted average number of common units outstanding Basic (in units)	41,106,157	35,423,112	39,383,172	33,540,977
Weighted average number of common units outstanding Diluted (in units)	42,619,472	35,423,112	41,112,824	33,540,977
Oil, natural gas and NGL revenues
Revenue	$ 47,638,423	$ 24,325,893	$ 122,844,684	$ 66,686,729
Lease bonus and other income
Revenue	$ 1,722,508	$ 15,916	$ 3,013,041	$ 313,844

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS' EQUITY - USD ($)	Springbok AcquisitionLimited PartnersCommon Units	Springbok AcquisitionLimited PartnersClass B Common Units	Springbok AcquisitionNon Controlling Interest	Springbok Acquisition	Limited PartnersCommon Units	Limited PartnersClass B Common Units	Non Controlling Interest	Total
Unitholders' capital, beginning balance at Dec. 31, 2019					$ 282,549,841	$ 1,277,880	$ 281,157,393	$ 564,985,114
Unitholders' capital, beginning balance (in units) at Dec. 31, 2019					23,518,652	25,557,606
Increase (Decrease) in Unitholders' Capital
Common units issued for equity offering					$ 73,601,668			73,601,668
Common units issued for equity offering (in units)					5,000,000
Conversion of Class B units to common units					$ 75,578,037	$ (245,678)	(75,578,037)	(245,678)
Conversion of Class B units to common units (in units)					4,913,559	(4,913,559)
Redemption of Series A preferred units					$ (16,150,018)		(9,697,873)	(25,847,891)
Unit-based compensation					$ 2,107,587			2,107,587
Unit-based compensation (in units)					946,638
Distributions to unitholders					$ (11,122,088)		(9,616,966)	(20,739,054)
Distribution and accretion on Series A preferred units					(1,922,344)		(1,154,340)	(3,076,684)
Distribution on Class B units					(24,807)			(24,807)
Net income (loss)					(37,353,883)		(22,430,516)	(59,784,399)
Unitholders' capital, ending balance at Mar. 31, 2020					$ 367,263,993	$ 1,032,202	162,679,661	530,975,856
Unitholders' capital, ending balance (in units) at Mar. 31, 2020					34,378,849	20,644,047
Unitholders' capital, beginning balance at Dec. 31, 2019					$ 282,549,841	$ 1,277,880	281,157,393	564,985,114
Unitholders' capital, beginning balance (in units) at Dec. 31, 2019					23,518,652	25,557,606
Increase (Decrease) in Unitholders' Capital
Net income (loss)								(162,251,073)
Unitholders' capital, ending balance at Sep. 30, 2020					$ 325,048,170	$ 1,038,989	114,163,481	440,250,640
Unitholders' capital, ending balance (in units) at Sep. 30, 2020					38,948,023	20,779,781
Unitholders' capital, beginning balance at Mar. 31, 2020					$ 367,263,993	$ 1,032,202	162,679,661	530,975,856
Unitholders' capital, beginning balance (in units) at Mar. 31, 2020					34,378,849	20,644,047
Increase (Decrease) in Unitholders' Capital
Units issued for Acquisition	$ 13,257,174	$ 124,857	$ 14,758,062	$ 28,140,093
Units issued for Acquisition (in units)	2,224,358	2,497,134
Restricted units repurchased for tax withholding					$ (6,259)			(6,259)
Restricted units repurchased for tax withholding (in units)					(1,018)
Forfeiture of restricted units					$ (106,245)			(106,245)
Forfeiture of restricted units (in units)					(14,166)
Unit-based compensation					$ 2,534,198			2,534,198
Distributions to unitholders					(6,234,957)		(3,934,000)	(10,168,957)
Distribution and accretion on Series A preferred units					(966,609)		(611,359)	(1,577,968)
Distribution on Class B units					(23,141)			(23,141)
Net income (loss)					(47,038,901)		(29,751,149)	(76,790,050)
Unitholders' capital, ending balance at Jun. 30, 2020					$ 328,679,253	$ 1,157,059	143,141,215	472,977,527
Unitholders' capital, ending balance (in units) at Jun. 30, 2020					36,588,023	23,141,181
Increase (Decrease) in Unitholders' Capital
Conversion of Class B units to common units					$ 16,487,288	$ (118,070)	(16,487,288)	(118,070)
Conversion of Class B units to common units (in units)					2,361,400	(2,361,400)
Forfeiture of restricted units					$ (12,614)			(12,614)
Forfeiture of restricted units (in units)					(1,400)
Unit-based compensation					$ 2,446,329			2,446,329
Distributions to unitholders					(4,756,443)		(3,008,356)	(7,764,799)
Distribution and accretion on Series A preferred units					(1,028,981)		(548,987)	(1,577,968)
Distribution on Class B units					(23,141)			(23,141)
Net income (loss)					(16,743,521)		(8,933,103)	(25,676,624)
Unitholders' capital, ending balance at Sep. 30, 2020					$ 325,048,170	$ 1,038,989	114,163,481	440,250,640
Unitholders' capital, ending balance (in units) at Sep. 30, 2020					38,948,023	20,779,781
Unitholders' capital, beginning balance at Dec. 31, 2020					$ 257,593,307	$ 1,038,989	77,002,442	$ 335,634,738
Unitholders' capital, beginning balance (in units) at Dec. 31, 2020					38,918,689	20,779,781		38,918,689
Increase (Decrease) in Unitholders' Capital
Restricted units repurchased for tax withholding					$ (923,587)			$ (923,587)
Restricted units repurchased for tax withholding (in units)					(85,360)
Unit-based compensation					$ 2,692,494			2,692,494
Unit-based compensation (in units)					936,567
Distributions to unitholders					$ (7,394,551)		(3,948,160)	(11,342,711)
Distribution and accretion on Series A preferred units					(1,036,432)		(541,536)	(1,577,968)
Distribution on Class B units					(20,780)			(20,780)
Net income (loss)					352,837		184,357	537,194
Unitholders' capital, ending balance at Mar. 31, 2021					$ 251,263,288	$ 1,038,989	72,697,103	324,999,380
Unitholders' capital, ending balance (in units) at Mar. 31, 2021					39,769,896	20,779,781
Unitholders' capital, beginning balance at Dec. 31, 2020					$ 257,593,307	$ 1,038,989	77,002,442	$ 335,634,738
Unitholders' capital, beginning balance (in units) at Dec. 31, 2020					38,918,689	20,779,781		38,918,689
Increase (Decrease) in Unitholders' Capital
Net income (loss)								$ 11,714,289
Unitholders' capital, ending balance at Sep. 30, 2021					$ 270,527,661	$ 880,579	20,147,996	$ 291,556,236
Unitholders' capital, ending balance (in units) at Sep. 30, 2021					42,916,472	17,611,579		42,916,472
Unitholders' capital, beginning balance at Mar. 31, 2021					$ 251,263,288	$ 1,038,989	72,697,103	$ 324,999,380
Unitholders' capital, beginning balance (in units) at Mar. 31, 2021					39,769,896	20,779,781
Increase (Decrease) in Unitholders' Capital
Conversion of Class B units to common units					$ 40,482,756	$ (158,410)	(40,482,756)	(158,410)
Conversion of Class B units to common units (in units)					3,168,202	(3,168,202)
Restricted units repurchased for tax withholding					$ (220,677)			(220,677)
Restricted units repurchased for tax withholding (in units)					(21,626)
Unit-based compensation					$ 2,743,917			2,743,917
Distributions to unitholders					(10,732,033)		(5,610,542)	(16,342,575)
Distribution and accretion on Series A preferred units					(1,118,834)		(459,134)	(1,577,968)
Distribution on Class B units					(20,780)			(20,780)
Net income (loss)					2,630,942		1,079,657	3,710,599
Unitholders' capital, ending balance at Jun. 30, 2021					$ 285,028,579	$ 880,579	27,224,328	313,133,486
Unitholders' capital, ending balance (in units) at Jun. 30, 2021					42,916,472	17,611,579
Increase (Decrease) in Unitholders' Capital
Redemption of Series A preferred units					$ (5,794,919)		(2,378,054)	(8,172,973)
Unit-based compensation					2,760,528			2,760,528
Distributions to unitholders					(13,304,106)		(5,459,589)	(18,763,695)
Distribution and accretion on Series A preferred units					(3,438,814)		(1,411,182)	(4,849,996)
Distribution on Class B units					(17,610)			(17,610)
Net income (loss)					5,294,003		2,172,493	7,466,496
Unitholders' capital, ending balance at Sep. 30, 2021					$ 270,527,661	$ 880,579	$ 20,147,996	$ 291,556,236
Unitholders' capital, ending balance (in units) at Sep. 30, 2021					42,916,472	17,611,579		42,916,472

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 11,714,289	$ (162,251,073)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and depletion expense	25,076,429	36,002,109
Impairment of oil and natural gas properties	0	158,698,835
Amortization of right-of-use assets	221,294	205,518
Amortization of loan origination costs	1,148,066	808,534
Equity income in affiliate	(719,958)	(460,360)
Cash distribution from affiliate	664,916
Forfeiture of restricted units		(118,859)
Unit-based compensation	8,196,939	7,088,114
Loss on derivative instruments, net of settlements	34,969,324	4,496,376
Changes in operating assets and liabilities:
Oil, natural gas and NGL receivables	(13,130,343)	3,131,377
Accounts receivable and other current assets	(521,569)	(870,069)
Accounts payable	139,753	(212,162)
Other current liabilities	1,552,405	1,611,232
Operating lease liabilities	(228,891)	(205,222)
Net cash provided by operating activities	69,082,654	47,924,350
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(740,584)	(50,737)
Purchase of oil and natural gas properties	(515,582)	(87,488,292)
Investment in affiliate		(1,751,951)
Cash distribution from affiliate	500,389	457,410
Net cash used in investing activities	(755,777)	(88,833,570)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from equity offering		73,601,668
Redemption of Class B contributions on converted units	(158,410)	(363,747)
Redemption on Series A preferred units	(36,075,370)	(61,089,600)
Distributions to common unitholders	(31,430,690)	(22,113,488)
Distribution to OpCo unitholders	(15,018,291)	(16,559,322)
Distribution and accretion on Series A preferred units	(2,362,509)	(3,850,006)
Distribution on Class B units	(59,170)	(71,089)
Borrowings on long-term debt	40,559,459	157,065,176
Repayments on long-term debt	(19,400,000)	(87,500,000)
Payment of loan origination costs	(343,853)	(60,674)
Restricted units repurchased for tax withholding	(1,144,264)	(6,259)
Net cash (used in) provided by financing activities	(65,433,098)	39,052,659
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,893,779	(1,856,561)
CASH AND CASH EQUIVALENTS, beginning of period	9,804,977	14,204,250
CASH AND CASH EQUIVALENTS, end of period	12,698,756	12,347,689
Supplemental cash flow information:
Cash paid for interest	5,446,245	3,928,101
Non-cash investing and financing activities:
Units issued in exchange for oil and natural gas properties		28,140,093
Non-cash effect of Series A preferred unit redemption	8,172,973	25,847,891
Non-cash deemed distribution to Series A preferred units	5,643,423	$ 2,382,614
Recognition of tenant improvement asset	479,167
Right-of-use assets obtained in exchange for operating lease liabilities	$ 19,636

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	Unless the context otherwise requi res, references to “Kimbell Royalty Partners, LP,” the “Partnership,” or like terms refer to Kimbell Royalty Partners, LP and its subsidiaries. References to the “Operating Company” refer to Kimbell Royalty Operating, LLC. References to the “General Partner” refer to Kimbell Royalty GP, LLC. References to “Kimbell Operating” refer to Kimbell Operating Company, LLC, a wholly owned subsidiary of the General Partner. References to the “Sponsors” refer to affiliates of the Partnership’s founders, Ben J. Fortson, Robert D. Ravnaas, Brett G. Taylor and Mitch S. Wynne, respectively. References to the “Contributing Parties” refer to all entities and individuals, including certain affiliates of the Sponsors, that contributed, directly or indirectly, certain mineral and royalty interests to the Partnership. NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION Organization Kimbell Royalty Partners, LP is a Delaware limited partnership formed in 2015 to own and acquire mineral and royalty interests in oil and natural gas properties throughout the United States. Effective as of September 24, 2018, the Partnership has elected to be taxed as a corporation for United States federal income tax purposes. As an owner of mineral and royalty interests, the Partnership is entitled to a portion of the revenues received from the production of oil, natural gas and associated natural gas liquids (“NGL”) from the acreage underlying its interests, net of post-production expenses and taxes. The Partnership is not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life. The Partnership’s primary business objective is to provide increasing cash distributions to unitholders resulting from acquisitions from third parties, its Sponsors and the Contributing Parties, and from organic growth through the continued development by working interest owners of the properties in which it owns an interest. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). As a result, the accompanying unaudited interim condensed consolidated financial statements do not include all disclosures required for complete annual financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”), which contains a summary of the Partnership’s significant accounting policies and other disclosures. In the opinion of management of the General Partner, the unaudited interim condensed consolidated financial statements contain all adjustments necessary to fairly present the financial position and results of operations for the interim periods in accordance with GAAP and all adjustments are of a normal recurring nature. All material intercompany balances and transactions are eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. Preparation of the Partnership’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates. Segment Reporting The Partnership operates in a single reportable COVID-19 Pandemic and Impact on Global Demand for Oil and Natural Gas The global spread of coronavirus (“COVID-19”) created significant volatility, uncertainty, and economic disruption beginning in the first three months of 2020. On March 11, 2020, the World Health Organization (the “WHO”) declared the ongoing COVID-19 outbreak a pandemic and recommended containment and mitigation measures worldwide. The pandemic reached more than 200 countries and resulted in widespread adverse impacts on the global economy, the Partnership’s oil, natural gas, and NGL operators and other parties with whom the Partnership has business relations, including a significant reduction in the global demand for oil and natural gas during the 2020 period. The significant decline in demand accelerated following the announcement of price reductions and production increases in March 2020 by members of the Organization of Petroleum Exporting Countries (“OPEC”) and other foreign, oil-exporting countries, raising concerns about global storage capacity. The resulting supply and demand imbalance led to a significantly weaker outlook for oil and gas producers in 2020. The Partnership has modified certain business practices (including those related to employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences) to conform to government restrictions and best practices encouraged by the Centers for Disease Control and Prevention (the “CDC”), the WHO and other governmental and regulatory authorities. In mid-March 2020, the Partnership restricted access to its offices to only essential employees, and directed the remainder of its employees to work from home to the extent possible. Beginning in mid-May 2020, the Partnership opened its offices to employees on a voluntary basis, with employees having the option to work from the office or from home. The Partnership will continue to give employees the option to work from the office or from home until the CDC recommends businesses and employers resume to pre-pandemic operations. These restrictions have had minimal impact on the Partnership’s operations to date and have allowed the Partnership to maintain the engagement and connectivity of its personnel, as well as minimize the number of employees in the office. The ultimate impacts of COVID-19 and the volatility in the oil and natural gas markets on the Partnership’s business, cash flows, liquidity, financial condition and results of operations remain dependent on a number of factors, including, among others, the ultimate severity of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the development, availability and administration of effective treatments and vaccines, the duration of the pandemic, actions taken by members of OPEC and other foreign, oil-exporting countries, governmental authorities and other thirds parties, workforce availability, and the timing and extent of any return to normal economic and operating conditions.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies For a description of the Partnership’s significant accounting policies, see Note 2 of the consolidated financial statements included in the Partnership’s 2020 Form 10-K, as well as the items noted below. There have been no substantial changes in such policies or the application of such policies during the three and nine months ended September 30, 2021, other than those discussed below in Recently Adopted Accounting Pronouncements. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” that is expected to reduce cost and complexity related to accounting for income taxes. The Partnership adopted this update on January 1, 2021 and applied it prospectively. The adoption of this update did not have a material impact on the Partnership’s results of operations for the three and nine months ended September 30, 2021.

ACQUISITIONS, JOINT VENTURE AND

ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY	9 Months Ended
	Sep. 30, 2021
ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY
ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY	NOTE 3 — ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY Acquisitions On March 10, 2021, the Partnership completed the acquisition of certain mineral and royalty assets held by Nail Bay Royalties, LLC (“Nail Bay Royalties”) and Oil Nut Bay Royalties, LP for a total purchase price of $0.5 million. The assets acquired were managed by Nail Bay Royalties and Duncan Management, LLC (“Duncan Management”). See Note 13—Related Party Transactions, for further discussion of the Partnership’s relation to each entity. On April 17, 2020, the Partnership and the Operating Company completed the acquisition of all of the equity interests in Springbok Energy Partners, LLC and Springbok Energy Partners II, LLC (the “Springbok Acquisition”). The aggregate consideration for the Springbok Acquisition consisted of (i) approximately $95.0 million in cash, (ii) the issuance of 2,224,358 common units and (iii) the issuance of 2,497,134 OpCo common units and an equal number of Class B units. At the time of the Springbok Acquisition, the acreage acquired had over 90 operators on 2,160 net royalty acres across core areas of the Delaware Basin, DJ Basin, Haynesville, STACK, Eagle Ford and other leading basins. Joint Venture On June 19, 2019, the Partnership entered into a joint venture (the “Joint Venture”) with Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP, a related party. The Partnership’s ownership in the Joint Venture is 49.3% and its total capital commitment will not exceed $10.0 million. The Joint Venture is managed by Springbok Operating Company, LLC. While certain members of Springbok Operating Company, LLC are affiliated with the entities acquired as part of the Springbok Acquisition, none of the assets held by the Joint Venture were included in the Springbok Acquisition. The purpose of the Joint Venture is to make direct or indirect investments in royalty, mineral and overriding royalty interests and similar non-cost bearing interests in oil and gas properties, excluding leasehold or working interests. The Partnership utilizes the equity method of accounting for its investment in the Joint Venture. As of September 30, 2021, the Partnership had paid approximately $5.1 million under its capital commitment. Special Purpose Acquisition Company On July 29, 2021, Kimbell Tiger Acquisition Corporation (“TGR”), the Partnership’s newly formed special purpose acquisition company and subsidiary, filed a registration statement on Form S-1 with the SEC. While TGR’s initial public offering has not been consummated, the proposed public offering is expected to have a base offering size of $200.0 million, or up to $230.0 million if the underwriter’s over-allotment is exercised in full. Certain members of the Partnership’s management and members of the Board of Directors are members of the sponsor of TGR. As of September 30, 2021, we have incurred $0.3 million in deferred offering costs related to the proposed offering, which is included in other current assets in our unaudited interim condensed consolidated balance sheets.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2021
DERIVATIVES
DERIVATIVES	NOTE 4 — DERIVATIVES Commodity Derivatives The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. As of September 30, 2021, the Partnership’s commodity derivative contracts consisted of fixed price swaps, under which the Partnership receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. The Partnership hedges its production based on the amount of debt and/or preferred equity as a percent of its enterprise value. As of September 30, 2021, these economic hedges constituted approximately 33% of daily oil and natural gas production. The Partnership’s oil fixed price swap transactions are settled based upon the average daily prices for the calendar month of the contract period, and its natural gas fixed price swap transactions are settled based upon the last day settlement of the first nearby month futures contract of the contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month. Changes in the fair values of the Partnership’s commodity derivative instruments are recognized as gains or losses in the current period and are presented on a net basis within revenue in the accompanying unaudited interim condensed consolidated statements of operations. Interest Rate Swaps On January 27, 2021, the Partnership entered into an interest rate swap with Citibank, N.A., New York (“Citibank”) The Partnership has not designated any of its derivative contracts as hedges for accounting purposes. Changes in fair value consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Beginning fair value of derivative instruments ​ $ (29,998,417) ​ $ 2,881,223 ​ $ (6,280,863) ​ $ 804,501 (Loss) gain on derivative instruments ​ ​ (17,676,825) ​ ​ (5,897,646) ​ ​ (45,615,784) ​ ​ 193,995 Net cash paid (received) on settlements of derivative instruments ​ ​ 6,425,055 ​ ​ (675,452) ​ ​ 10,646,460 ​ ​ (4,690,371) Ending fair value of derivative instruments ​ $ (41,250,187) ​ $ (3,691,875) ​ $ (41,250,187) ​ $ (3,691,875) ​ The following table presents the fair value of the Partnership’s derivative contracts for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Classification ​ Balance Sheet Location ​ 2021 ​ 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Long-term assets ​ Derivative assets ​ $ 661,338 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (33,731,319) ​ ​ (3,113,178) Long-term liabilities ​ Derivative liabilities ​ ​ (8,180,206) ​ ​ (3,167,685) ​ ​ ​ ​ $ (41,250,187) ​ $ (6,280,863) ​ As of September 30, 2021, the Partnership’s open commodity derivative contracts consisted of the following: Oil Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per Bbl) ​ ​ Volumes (Bbl) ​ Fixed Price (per Bbl) ​ Low ​ High September 2021 - December 2021 ​ 178,974 ​ $ 44.30 ​ $ 36.23 ​ $ 53.23 January 2022 - December 2022 ​ 500,552 ​ $ 41.86 ​ $ 35.65 ​ $ 46.00 January 2023 - September 2023 ​ 235,423 ​ $ 58.29 ​ $ 53.38 ​ $ 61.70 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High October 2021 - December 2021 ​ 1,735,672 ​ $ 2.49 ​ $ 2.41 ​ $ 2.58 January 2022 - December 2022 ​ 6,357,449 ​ $ 2.46 ​ $ 2.23 ​ $ 2.70 January 2023 - September 2023 ​ 3,250,367 ​ $ 2.78 ​ $ 2.52 ​ $ 3.09 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 5—FAIR VALUE MEASUREMENTS The Partnership measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, oil, natural gas and NGL receivables, accounts receivable and other current assets and current and long-term liabilities included in the unaudited interim condensed consolidated balance sheets approximated fair value as of September 30, 2021 and December 31, 2020 due to their short-term duration and variable interest rates that approximate prevailing interest rates as of each reporting period. As a result, these financial assets and liabilities are not discussed below. ● Level 1— Unadjusted quoted market prices for identical assets or liabilities in active markets. ● Level 2—Quoted prices for similar assets or liabilities in non-active markets, or inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3—Measurement based on prices or valuations models that require inputs that are both unobservable and significant to the fair value measurement (including the Partnership’s own assumptions in determining fair value). Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Partnership recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred. The Partnership did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the three and nine months ended September 30, 2021 and 2020. Both the Partnership’s commodity derivative instruments and interest rate swap are classified within Level 2. The fair values of the Partnership’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. The following tables summarize the Partnership’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Effect of ​ Total September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ — ​ $ 661,338 ​ $ — ​ $ — ​ $ 661,338 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (41,701,421) ​ $ — ​ $ — ​ $ (41,701,421) Interest rate swap contracts ​ $ — ​ $ (210,104) ​ $ — ​ $ — ​ $ (210,104) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (6,280,863) ​ $ — ​ $ — ​ $ (6,280,863) ​

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	9 Months Ended
	Sep. 30, 2021
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	NOTE 6—OIL AND NATURAL GAS PROPERTIES Oil and natural gas properties consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 ​ 2020 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 977,763,680 ​ $ 923,413,606 Unevaluated properties ​ ​ 171,847,133 ​ ​ 225,681,626 Less: accumulated depreciation, depletion and impairment ​ ​ (652,252,233) ​ ​ (628,102,279) Total oil and natural gas properties ​ $ 497,358,580 ​ $ 520,992,953 ​ The Partnership assesses all unevaluated properties on a periodic basis for possible impairment. The Partnership assesses properties on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of the following factors, among others: economic and market conditions, operators’ intent to drill, remaining lease term, geological and geophysical evaluations, operators’ drilling results and activity, the assignment of proved reserves and the economic viability of operator development if proved reserves are assigned. Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves is able to be made. During any period in which these factors indicate an impairment, all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization and to the full cost ceiling test. The Partnership transferred $48.6 million to the full cost pool in the first quarter of 2020 as a result of this impairment assessment. The transfer resulted in an additional ceiling test impairment expense for the first quarter of 2020 equal to the amount of the transfer. After evaluating certain external factors in the first quarter of 2020, including a significant decline in oil and natural gas prices, as well as longer-term commodity price outlooks, in each case related to reduced demand for oil and natural gas as a result of COVID-19, the announcement of price reductions and production increases in March 2020 by members of OPEC and other foreign, oil-exporting countries, and other supply factors, the Partnership determined that significant drilling uncertainty existed regarding its proved undeveloped (“PUD”) reserves that were included in its total estimated proved reserves as of December 31, 2019, as well as its unevaluated oil and natural gas properties. Specifically, with respect to the Partnership’s PUD reserves (which accounted for approximately 6.1% of total estimated proved reserves as of December 31, 2019), the Partnership determined that it did not have reasonable certainty as to the timing of the development of the PUD reserves and, therefore, recorded an impairment on such properties in the first quarter of 2020. The Partnership did not book PUD reserves in its total estimated proved reserves as of September 30, 2021 or December 31, 2020 and it does not intend to book PUD reserves going forward. The Partnership did not record an impairment on its oil and natural gas properties for the three and nine months ended September 30, 2021. The Partnership recorded an impairment on its oil and natural gas properties of $22.2 million and $158.7 million for the three and nine months ended September 30, 2020, respectively, which can primarily be attributed to factors mentioned above.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
LEASES
LEASES	NOTE 7—LEASES Substantially all of the Partnership’s leases are long-term operating leases with fixed payment terms and will terminate in June 2029. The Partnership’s right-of-use (“ROU”) operating lease assets represent its right to use an underlying asset for the lease term, and its operating lease liabilities represent its obligation to make lease payments. ROU operating lease assets and operating lease liabilities are included in the accompanying unaudited interim condensed consolidated balance sheets. Short term operating lease liabilities are included in other current liabilities. The weighted average remaining lease term as of September 30, 2021 is 7.59 years. Both the ROU operating lease assets and liabilities are recognized at the present value of the remaining lease payments over the lease term and do not include lease incentives. The Partnership’s leases do not provide an implicit rate that can readily be determined; therefore, the Partnership used a discount rate based on its incremental borrowing rate, which is determined by the information available in the secured revolving credit facility. The incremental borrowing rate reflects the estimated rate of interest that the Partnership would pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The weighted average discount rate used for the operating lease was 6.75% for the nine months ended September 30, 2021. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative expense in the accompanying unaudited interim condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020. The total operating lease expense recorded for both the three months ended September 30, 2021 and 2020 was $0.1 million. The total operating lease expense recorded for both the nine months ended September 30, 2021 and 2020 was $0.4 million. Currently, the most substantial contractual arrangements that the Partnership has classified as operating leases are the main office spaces used for operations. Future minimum lease commitments as of September 30, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter Operating leases ​ $ 3,807,914 ​ $ 121,409 ​ $ 486,045 ​ $ 487,787 ​ $ 488,725 ​ $ 497,033 ​ $ 1,726,915 Less: Imputed Interest ​ (872,141) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,935,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2021
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 8—LONG-TERM DEBT On January 11, 2017, the Partnership entered into a credit agreement (the “2017 Credit Agreement”) with Frost Bank, as administrative agent, and the lenders party thereto. On July 12, 2018, the Partnership entered into an amendment (the “First Credit Agreement Amendment”) to the Partnership’s 2017 Credit Agreement (the 2017 Credit Agreement as amended by the First Credit Agreement Amendment, the “2018 Amended Credit Agreement”). On December 8, 2020, the Partnership entered into Amendment No. 2 (the “Second Credit Agreement Amendment”) to the 2018 Amended Credit Agreement (the 2018 Amended Credit Agreement as amended by the Second Credit Agreement Amendment, the “Amended Credit Agreement”). The Second Credit Agreement Amendment amends the 2018 Amended Credit Agreement to, among other things, (i) increase commitments under the Amended Credit Agreement’s senior secured revolving credit facility from $225.0 million to $265.0 million, the availability of which will equal the lesser of the aggregate maximum elected commitments of the lenders up to $500.0 million, subject to the satisfaction of certain conditions and the election of existing lenders to increase commitments or the procurement of additional commitments from new lenders, and the borrowing base, (ii) extend the maturity date under the 2018 Amended Credit Agreement from February 8, 2022 to June 7, 2024, (iii) reflect the change in administrative agent from Frost to Citibank, N.A., New York (“Citibank”) under the Amended Credit Agreement, (iv) increase the applicable margin under the 2018 Amended Credit Agreement, which varies based upon the level of borrowing base usage, by 1.00% for each applicable level as set forth in the Amended Credit Agreement, such that the applicable margin will range from 2.00% to 3.00% in the case of ABR Loans (as defined in the Amended Credit Agreement) and 3.00% to 4.00% in the case of LIBOR Loans (as defined in the Amended Credit Agreement), (v) a LIBOR (as defined in the Amended Credit Agreement) floor of 0.25% , (vi) modify the Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement) financial covenant to permit the numerator of the Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement) to be calculated as Total Debt (as defined in the Amended Credit Agreement) minus up to $25 million in unrestricted cash held by the Partnership and its restricted subsidiaries and to decreases the maximum permitted Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement) from 4.0 to 1.0 to 3.5 to 1.0, and (vii) modify the conditions permitting restricted distributions to holders of Kimbell Common Units (as defined in the Amended Credit Agreement) including, among other things, a limitation on such distributions to not be in excess of the Partnership’s Projected Cash Available For Distribution (as defined in the Amended Credit Agreement). In connection with our entry into the Second Credit Agreement Amendment, the borrowing base was set at $265.0 million. The borrowing base will be redetermined semi-annually on or about May 1 and November 1 of each year, beginning May 1, 2021, based on the value of the Partnership’s oil and natural gas properties and the oil and natural gas properties of the Partnership’s wholly owned subsidiaries. The Amended Credit Agreement contains various affirmative, negative and financial maintenance covenants. These covenants limit the Partnership’s ability to, among other things, incur or guarantee additional debt, make distributions on, or redeem or repurchase, common units and OpCo common units, make certain investments and acquisitions, incur certain liens or permit them to exist, enter into certain types of transactions with affiliates, merge or consolidate with another company and transfer, sell or otherwise dispose of assets. The Amended Credit Agreement also contains covenants requiring the Partnership to maintain the following financial ratios or to reduce the Partnership’s indebtedness if the Partnership is unable to comply with such ratios: (i) a Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement 3.5 1.0 The Amended Credit Agreement also contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross default, bankruptcy and change of control. During the nine months ended September 30, 2021, the Partnership borrowed an additional $40.6 million under the secured revolving credit facility and repaid approximately $19.4 million of the outstanding borrowings. As of September 30, 2021, the Partnership’s outstanding balance was $192.7 million. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of September 30, 2021. As of September 30, 2021, borrowings under the secured revolving credit facility bore interest at LIBOR plus a margin of 3.50% or the ABR (as defined in the Amended Credit Agreement) plus a margin of 2.50%. For the three and nine months ended September 30, 2021, the weighted average interest rate on the Partnership’s outstanding borrowings was 3.99% and 3.84%, respectively.

PREFERRED UNITS

PREFERRED UNITS	9 Months Ended
	Sep. 30, 2021
PREFERRED UNITS
PREFERRED UNITS	NOTE 9—PREFERRED UNITS In July 2018, the Partnership completed the private placement of 110,000 Series A preferred units to certain affiliates of Apollo Capital Management, L.P. (the “Series A Purchasers”) for $1,000 per Series A preferred unit, resulting in gross proceeds to the Partnership of $110.0 million. Until the conversion of the Series A preferred units into common units or their redemption, holders of the Series A preferred units are entitled to receive cumulative quarterly distributions equal to 7.0% per annum plus accrued and unpaid distributions. In connection with the issuance of the Series A preferred units, the Partnership granted holders of the Series A preferred units board observer rights beginning on the third anniversary of the original issuance date, and board appointment rights beginning on the fourth anniversary of the original issuance date and in the case of events of default with respect to the Series A preferred units. In May 2021, the Series A Purchasers and the Partnership agreed to waive the board observer rights, that were set to begin in July 2021, until January 2022. The Series A preferred units are convertible by the Series A Purchasers after two years at a 30% discount to the issue price, subject to certain conditions. The Partnership may redeem the Series A preferred units at any time. The Series A preferred units may be redeemed for a cash amount per Series A preferred unit equal to the product of (a) the number of outstanding Series A preferred units multiplied by (b) the greatest of (i) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve the Minimum IRR (as defined below), (ii) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve a return on investment equal to 1.2 referred unit and (iii) the Series A issue price plus accrued and unpaid distributions. For purposes of the , “Minimum IRR” means as of any measurement date: (a) prior to the fifth anniversary of July 12, 2018 (the “Series A Issuance Date”), a 13.0% internal rate of return with respect to the Series A preferred units; (b) on or after the fifth anniversary of the Series A Issuance Date and prior to the sixth anniversary of the Series A Issuance Date, a 14.0% internal rate of return with respect to the Series A preferred units; and (c) on or after the sixth anniversary of the Series A Issuance Date, a 15.0% internal rate of return with respect to the Series A preferred units. On February 12, 2020, the Partnership completed the redemption of 55,000 Series A preferred units, representing 50% of the then-outstanding Series A preferred units. The Series A preferred units were redeemed at a price of $1,110.72 per Series A preferred unit for an aggregate redemption price of $61.1 million. As the consideration transferred by the Partnership to redeem the Series A preferred units was greater than 50% of the carrying value of the Series A preferred units as of the redemption date and 50% of the original intrinsic value of the beneficial conversion feature, a deemed dividend distribution of $5.7 million was recognized in unitholders’ equity and non-controlling interest during the nine months ended September 30, 2020. On July 7, 2021, the Partnership completed the redemption of 30,000 Series A preferred units, representing 55% of the then-outstanding Series A preferred units, with 25,000 Series A preferred units still outstanding. The Series A preferred units were redeemed at a price of $1,202.51 per Series A preferred unit for an aggregate redemption price of $36.1 million. As the consideration transferred by the Partnership to redeem the Series A preferred units was greater than 50% of the carrying value of the Series A preferred units as of the redemption date and 50% of the original intrinsic value of the beneficial conversion feature, a deemed dividend distribution of $3.8 million was recognized in unitholders’ equity and non-controlling interest during the three and nine months ended September 30, 2021. The following table summarizes the changes in the number of the Series A preferred units: ​ ​ ​ ​ ​ ​ Series A ​ ​ Preferred Units Balance at December 31, 2020 ​ 55,000 Redemption of Series A preferred units ​ (30,000) Balance at September 30, 2021 ​ 25,000 ​

UNITHOLDERS' EQUITY AND PARTNER

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2021
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	NOTE 10—UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS The Partnership has issued units representing limited partner interests. As of September 30, 2021, the Partnership had a total of 42,916,472 common units issued and outstanding In January 2020, the Partnership completed an underwritten public offering of 5,000,000 common units for net proceeds of approximately $73.6 million (the “2020 Equity Offering”). The Partnership used the net proceeds from the 2020 Equity Offering to purchase OpCo common units. The Operating Company in turn used the net proceeds to repay approximately $70.0 million of the outstanding borrowings under the Partnership’s secured revolving credit facility. In connection with the 2020 Equity Offering, certain selling unitholders sold 750,000 common units pursuant to the exercise of the underwriters’ option to purchase additional common units. The Partnership did not receive any proceeds from the sale of the common units by the selling unitholders. The following table summarizes the changes in the number of the Partnership’s common units: ​ ​ ​ ​ ​ ​ Common Units Balance at December 31, 2020 ​ 38,918,689 Conversion of Class B units ​ 3,168,202 Common units issued under the LTIP (1) ​ 936,567 Restricted units repurchased for tax withholding ​ (106,986) Balance at September 30, 2021 ​ 42,916,472 (1) Includes restricted units granted to certain employees, directors and consultants under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (as amended, the “LTIP”) on February 25, 2021. The following table presents information regarding the common unit cash distributions approved by the General Partner’s Board of Directors (the “Board of Directors”) for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Date ​ Unitholder ​ Payment ​ ​ Common Unit ​ Declared ​ Record Date ​ Date Q1 2021 ​ $ 0.27 ​ April 23, 2021 ​ May 3, 2021 ​ May 10, 2021 Q2 2021 ​ $ 0.31 ​ July 23, 2021 ​ August 2, 2021 ​ August 9, 2021 Q3 2021 ​ $ 0.37 ​ October 22, 2021 ​ November 1, 2021 ​ November 8, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2020 ​ $ 0.17 ​ April 24, 2020 ​ May 4, 2020 ​ May 11, 2020 Q2 2020 ​ $ 0.13 ​ July 24, 2020 ​ August 3, 2020 ​ August 10, 2020 Q3 2020 ​ $ 0.19 ​ October 23, 2020 ​ November 2, 2020 ​ November 9, 2020 ​ The following table summarizes the changes in the number of the Partnership’s Class B units: ​ ​ ​ ​ ​ ​ Class B Units Balance at December 31, 2020 ​ 20,779,781 Conversion of Class B units ​ (3,168,202) Balance at September 30, 2021 ​ 17,611,579 ​ For each Class B unit issued, five cents has been paid to the Partnership as additional consideration (the “Class B Contribution”). Holders of the Class B units are entitled to receive cash distributions equal to 2.0% per quarter on their respective Class B Contribution, subsequent to distributions on the Series A preferred units but prior to distributions on the common units and OpCo common units. The Class B units and OpCo common units are exchangeable together into an equal number of common units of the Partnership.

EARNINGS (LOSS) PER COMMON UNIT

EARNINGS (LOSS) PER COMMON UNIT	9 Months Ended
	Sep. 30, 2021
EARNINGS (LOSS) PER COMMON UNIT
EARNINGS (LOSS) PER COMMON UNIT	NOTE 11—EARNINGS (LOSS) PER COMMON UNI T Basic earnings (loss) per common unit is calculated by dividing net income (loss) attributable to common units by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit gives effect, when applicable, to unvested restricted units granted under the Partnership’s LTIP for its employees, directors and consultants and potential conversion of Class B units. The following table summarizes the calculation of weighted average common units outstanding used in the computation of diluted earnings (loss) per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Net income (loss) attributable to common units ​ $ 1,837,579 ​ $ (17,795,643) ​ $ 2,624,532 ​ $ (105,125,328) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 41,106,157 ​ ​ 35,423,112 ​ ​ 39,383,172 ​ ​ 33,540,977 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A preferred units ​ ​ — ​ ​ — ​ ​ — ​ ​ — Class B units ​ ​ — ​ ​ — ​ ​ — ​ ​ — Restricted units ​ ​ 1,513,315 ​ ​ — ​ ​ 1,729,652 ​ ​ — Diluted ​ ​ 42,619,472 ​ ​ 35,423,112 ​ ​ 41,112,824 ​ ​ 33,540,977 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.04 ​ $ (0.50) ​ $ 0.07 ​ $ (3.13) Diluted ​ $ 0.04 ​ $ (0.50) ​ $ 0.06 ​ $ (3.13) ​ The calculation of diluted net loss per unit for the three and nine months ended September 30, 2020 excludes the conversion of Series A preferred units to common units, the conversion of Class B units to common units and 1,510,396 of unvested restricted units because their inclusion in the calculation would be anti-dilutive.

UNIT-BASED COMPENSATION

UNIT-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION	NOTE 12—UNIT-BASED COMPENSATION The Partnership’s LTIP authorizes grants of up to 4,541,600 common units in the aggregate to its employees, directors and consultants. The restricted units issued under the Partnership’s LTIP generally vest in one third installments three Distributions related to the restricted units are paid concurrently with the Partnership’s distributions for common units. The fair value of the Partnership’s restricted units issued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Grant-Date ​ Remaining ​ ​ ​ ​ Fair Value ​ Contractual ​ ​ Units ​ per Unit ​ Term Unvested at December 31, 2020 ​ 1,276,546 ​ $ 13.604 1.788 years Awarded ​ 936,567 ​ ​ 10.350 ​ — Vested ​ (419,535) ​ ​ 13.460 ​ — Unvested at September 30, 2021 ​ 1,793,578 ​ $ 11.938 1.789 years ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 13—RELATED PARTY TRANSACTIONS The Partnership currently has a management services agreement with Kimbell Operating, which has separate services agreements with each of BJF Royalties, LLC (“BJF Royalties”), K3 Royalties, LLC (“K3 Royalties”), Nail Bay Royalties and Duncan Management, pursuant to which they and Kimbell Operating provide management, administrative and operational services to the Partnership. In addition, under each of their respective services agreements, affiliates of the Partnership’s Sponsors may identify, evaluate and recommend to the Partnership acquisition opportunities and negotiate the terms of such acquisitions. Amounts paid to Kimbell Operating and such other entities under their respective services agreements will reduce the amount of cash available for distribution on common units to the Partnership’s unitholders. On March 10, 2021, the Partnership acquired certain assets managed by Nail Bay Royalties and Duncan Management. See Note 3—Acquisitions and Joint Ventures for further detail. During the three and nine months ended September 30, 2021, no monthly services fee was paid to BJF Royalties. During the three months ended September 30, 2021, the Partnership made payments to K3 Royalties, Nail Bay Royalties and Duncan Management in the amount of $30,000, $75,329 and $137,120, respectively. During the nine months ended September 30, 2021, the Partnership made payments to K3 Royalties, Nail Bay Royalties and Duncan Management in the amount of $90,000, $225,986 and $411,360, respectively. Certain consultants who provide services under management services agreements are granted restricted units under the Partnership’s LTIP.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 14—COMMITMENTS AND CONTINGENCIES During the normal course of business, the Partnership may experience situations where disagreements occur relating to the ownership of certain mineral or overriding royalty interest acreage. Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Partnership’s financial condition, results of operations or liquidity as of September 30, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15—SUBSEQUENT EVENTS The Partnership has evaluated events that occurred subsequent to September 30, 2021 in the preparation of its unaudited interim condensed consolidated financial statements. Debt On October 28, 2021 the Partnership drew down $8.0 million on the senior secured revolving credit facility to fund certain operational expenses. Distributions On November 2, 2021, the Partnership paid a quarterly cash distribution on the Series A preferred units of approximately $0.4 million for the quarter ended September 30, 2021. On November 2, 2021, the Partnership paid a quarterly cash distribution to each Class B unitholder equal to 2.0% of such unitholder’s respective Class B Contribution, resulting in a total quarterly distribution of $17,612 for the quarter ended September 30, 2021. On October 22, 2021, the Board of Directors declared a quarterly cash distribution of $0.37 per common unit for the quarter ended September 30, 2021. The distribution will be paid on November 8, 2021 to common unitholders and OpCo common unitholders of record as of the close of business on November 1, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” that is expected to reduce cost and complexity related to accounting for income taxes. The Partnership adopted this update on January 1, 2021 and applied it prospectively. The adoption of this update did not have a material impact on the Partnership’s results of operations for the three and nine months ended September 30, 2021.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2021
DERIVATIVES
Schedule of changes in fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Beginning fair value of derivative instruments ​ $ (29,998,417) ​ $ 2,881,223 ​ $ (6,280,863) ​ $ 804,501 (Loss) gain on derivative instruments ​ ​ (17,676,825) ​ ​ (5,897,646) ​ ​ (45,615,784) ​ ​ 193,995 Net cash paid (received) on settlements of derivative instruments ​ ​ 6,425,055 ​ ​ (675,452) ​ ​ 10,646,460 ​ ​ (4,690,371) Ending fair value of derivative instruments ​ $ (41,250,187) ​ $ (3,691,875) ​ $ (41,250,187) ​ $ (3,691,875)
Schedule of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Classification ​ Balance Sheet Location ​ 2021 ​ 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Long-term assets ​ Derivative assets ​ $ 661,338 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (33,731,319) ​ ​ (3,113,178) Long-term liabilities ​ Derivative liabilities ​ ​ (8,180,206) ​ ​ (3,167,685) ​ ​ ​ ​ $ (41,250,187) ​ $ (6,280,863)
Schedule of commodity derivative contracts	Oil Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per Bbl) ​ ​ Volumes (Bbl) ​ Fixed Price (per Bbl) ​ Low ​ High September 2021 - December 2021 ​ 178,974 ​ $ 44.30 ​ $ 36.23 ​ $ 53.23 January 2022 - December 2022 ​ 500,552 ​ $ 41.86 ​ $ 35.65 ​ $ 46.00 January 2023 - September 2023 ​ 235,423 ​ $ 58.29 ​ $ 53.38 ​ $ 61.70 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High October 2021 - December 2021 ​ 1,735,672 ​ $ 2.49 ​ $ 2.41 ​ $ 2.58 January 2022 - December 2022 ​ 6,357,449 ​ $ 2.46 ​ $ 2.23 ​ $ 2.70 January 2023 - September 2023 ​ 3,250,367 ​ $ 2.78 ​ $ 2.52 ​ $ 3.09

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Effect of ​ Total September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ — ​ $ 661,338 ​ $ — ​ $ — ​ $ 661,338 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (41,701,421) ​ $ — ​ $ — ​ $ (41,701,421) Interest rate swap contracts ​ $ — ​ $ (210,104) ​ $ — ​ $ — ​ $ (210,104) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (6,280,863) ​ $ — ​ $ — ​ $ (6,280,863)

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2021
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 ​ 2020 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 977,763,680 ​ $ 923,413,606 Unevaluated properties ​ ​ 171,847,133 ​ ​ 225,681,626 Less: accumulated depreciation, depletion and impairment ​ ​ (652,252,233) ​ ​ (628,102,279) Total oil and natural gas properties ​ $ 497,358,580 ​ $ 520,992,953

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
LEASES
Schedule of future minimum lease commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter Operating leases ​ $ 3,807,914 ​ $ 121,409 ​ $ 486,045 ​ $ 487,787 ​ $ 488,725 ​ $ 497,033 ​ $ 1,726,915 Less: Imputed Interest ​ (872,141) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,935,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

PREFERRED UNITS (Tables)

PREFERRED UNITS (Tables)	9 Months Ended
	Sep. 30, 2021
Series A Preferred Units
Preferred units
Summary of the changes in the number of the Series A Preferred Units	​ ​ ​ ​ ​ ​ Series A ​ ​ Preferred Units Balance at December 31, 2020 ​ 55,000 Redemption of Series A preferred units ​ (30,000) Balance at September 30, 2021 ​ 25,000

UNITHOLDERS' EQUITY AND PARTN_2

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2021
Common units
Schedule of distributions approved by the Board of Directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Date ​ Unitholder ​ Payment ​ ​ Common Unit ​ Declared ​ Record Date ​ Date Q1 2021 ​ $ 0.27 ​ April 23, 2021 ​ May 3, 2021 ​ May 10, 2021 Q2 2021 ​ $ 0.31 ​ July 23, 2021 ​ August 2, 2021 ​ August 9, 2021 Q3 2021 ​ $ 0.37 ​ October 22, 2021 ​ November 1, 2021 ​ November 8, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2020 ​ $ 0.17 ​ April 24, 2020 ​ May 4, 2020 ​ May 11, 2020 Q2 2020 ​ $ 0.13 ​ July 24, 2020 ​ August 3, 2020 ​ August 10, 2020 Q3 2020 ​ $ 0.19 ​ October 23, 2020 ​ November 2, 2020 ​ November 9, 2020 ​
Common Units
Common units
Schedule of changes in Partnership's units	​ ​ ​ ​ ​ ​ Common Units Balance at December 31, 2020 ​ 38,918,689 Conversion of Class B units ​ 3,168,202 Common units issued under the LTIP (1) ​ 936,567 Restricted units repurchased for tax withholding ​ (106,986) Balance at September 30, 2021 ​ 42,916,472 (1) Includes restricted units granted to certain employees, directors and consultants under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (as amended, the “LTIP”) on February 25, 2021.
Class B
Common units
Schedule of changes in Partnership's units	​ ​ ​ ​ ​ ​ Class B Units Balance at December 31, 2020 ​ 20,779,781 Conversion of Class B units ​ (3,168,202) Balance at September 30, 2021 ​ 17,611,579

EARNINGS (LOSS) PER COMMON UN_2

EARNINGS (LOSS) PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2021
EARNINGS (LOSS) PER COMMON UNIT
Schedule of earnings (loss) per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Net income (loss) attributable to common units ​ $ 1,837,579 ​ $ (17,795,643) ​ $ 2,624,532 ​ $ (105,125,328) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 41,106,157 ​ ​ 35,423,112 ​ ​ 39,383,172 ​ ​ 33,540,977 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A preferred units ​ ​ — ​ ​ — ​ ​ — ​ ​ — Class B units ​ ​ — ​ ​ — ​ ​ — ​ ​ — Restricted units ​ ​ 1,513,315 ​ ​ — ​ ​ 1,729,652 ​ ​ — Diluted ​ ​ 42,619,472 ​ ​ 35,423,112 ​ ​ 41,112,824 ​ ​ 33,540,977 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.04 ​ $ (0.50) ​ $ 0.07 ​ $ (3.13) Diluted ​ $ 0.04 ​ $ (0.50) ​ $ 0.06 ​ $ (3.13)

UNIT-BASED COMPENSATION (Tables

UNIT-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
UNIT-BASED COMPENSATION
Schedule of unvested restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Grant-Date ​ Remaining ​ ​ ​ ​ Fair Value ​ Contractual ​ ​ Units ​ per Unit ​ Term Unvested at December 31, 2020 ​ 1,276,546 ​ $ 13.604 1.788 years Awarded ​ 936,567 ​ ​ 10.350 ​ — Vested ​ (419,535) ​ ​ 13.460 ​ — Unvested at September 30, 2021 ​ 1,793,578 ​ $ 11.938 1.789 years

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting
Number of operating units	1
Number of reporting units	1

ACQUISITIONS, JOINT VENTURE A_2

ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY - Acquisitions (Details) $ in Millions	Jul. 29, 2021USD ($)	Mar. 10, 2021USD ($)	Apr. 17, 2020USD ($)shares	Jun. 19, 2019USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020aitem
Acquisitions
Offering costs					$ 0.3
Maximum | Kimbell Tiger Acquisition Corporation
Acquisitions
Offering amount	$ 230
Minimum | Kimbell Tiger Acquisition Corporation
Acquisitions
Offering amount	$ 200
Nail Bay Royalties
Acquisitions
Purchase price cash, gross		$ 0.5
Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP.
Acquisitions
Joint Venture contributions					$ 5.1
Ownership interest (as a percent)				49.30%
Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP. | Maximum
Acquisitions
Purchase price units value				$ 10
Springbok Energy Partners, LLC and Springbok Energy Partners II, LLC
Acquisitions
Purchase price cash, gross			$ 95
Net royalty acres acquired (in acres) | a						2,160
Springbok Energy Partners, LLC and Springbok Energy Partners II, LLC | Minimum
Acquisitions
The number of operators acquired | item						90
Springbok Energy Partners, LLC and Springbok Energy Partners II, LLC | OpCo Units
Acquisitions
Business Acquisition issuance of common units | shares			2,497,134
Springbok Energy Partners, LLC and Springbok Energy Partners II, LLC | Common Units
Acquisitions
Business Acquisition issuance of common units | shares			2,224,358

DERIVATIVES (Details)

DERIVATIVES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)$ / bblMMBbls	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / bblMMBbls	Sep. 30, 2020USD ($)	Jan. 27, 2021USD ($)	Dec. 31, 2020USD ($)
Derivatives
Daily oil and natural gas production before Phillips acquisition hedged (as a percent)	33.00%		33.00%
Change in fair values of derivative instruments
Beginning fair value of commodity derivative instruments | $	$ (29,998,417)	$ 2,881,223	$ (6,280,863)	$ 804,501
(Loss) gain on derivative instruments | $	(17,676,825)	(5,897,646)	(45,615,784)	193,995
Net cash (received) paid on settlements of derivative instruments | $	6,425,055	(675,452)	10,646,460	(4,690,371)
Ending fair value of commodity derivative instruments | $	(41,250,187)	(3,691,875)	(41,250,187)	(3,691,875)
Assets:
Derivative assets | $	661,338		661,338
Liabilities:
Current liability | $	(33,731,319)		(33,731,319)			$ (3,113,178)
Long-term liability | $	(8,180,206)		(8,180,206)			(3,167,685)
Derivative assets (liabilities) | $	(41,250,187)	$ (3,691,875)	(41,250,187)	$ (3,691,875)		$ (6,280,863)
Interest Rate Swap
Derivatives
Derivative, Notional Amount | $	150,000,000		150,000,000		$ 150,000,000
Derivative hedging of outstanding debt (as a percent)					78.00%
Interest rate swap (as a percent)					3.90%
Commodity derivative contracts | $	500,000		500,000
Change in fair values of derivative instruments
Ending fair value of commodity derivative instruments | $	(210,104)		(210,104)
Liabilities:
Derivative Asset | $	661,338		661,338
Derivative contracts liabilities | $	$ (210,104)		$ (210,104)
Oil Price Swaps - September 2021 - December 2021
Derivatives
Notional Volumes | MMBbls	178,974		178,974
Weighted Average Fixed Price	44.30		44.30
Oil Price Swaps - January 2022 - December 2022
Derivatives
Notional Volumes | MMBbls	500,552		500,552
Weighted Average Fixed Price	41.86		41.86
Oil Price Swaps - January 2023 - September 2023
Derivatives
Notional Volumes | MMBbls	235,423		235,423
Weighted Average Fixed Price	58.29		58.29
Natural Gas Price Swaps - October 2021 - December 2021
Derivatives
Notional Volumes | MMBbls	1,735,672		1,735,672
Weighted Average Fixed Price	2.49		2.49
Natural Gas Price Swaps - January 2022 - December 2022
Derivatives
Notional Volumes | MMBbls	6,357,449		6,357,449
Weighted Average Fixed Price	2.46		2.46
Natural Gas Price Swaps - January 2023 - September 2023
Derivatives
Notional Volumes | MMBbls	3,250,367		3,250,367
Weighted Average Fixed Price	2.78		2.78
Minimum | Oil Price Swaps - September 2021 - December 2021
Derivatives
Weighted Average Fixed Price	36.23		36.23
Minimum | Oil Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price	35.65		35.65
Minimum | Oil Price Swaps - January 2023 - September 2023
Derivatives
Weighted Average Fixed Price	53.38		53.38
Minimum | Natural Gas Price Swaps - October 2021 - December 2021
Derivatives
Weighted Average Fixed Price	2.41		2.41
Minimum | Natural Gas Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price	2.23		2.23
Minimum | Natural Gas Price Swaps - January 2023 - September 2023
Derivatives
Weighted Average Fixed Price	2.52		2.52
Maximum | Oil Price Swaps - September 2021 - December 2021
Derivatives
Weighted Average Fixed Price	53.23		53.23
Maximum | Oil Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price	46		46
Maximum | Oil Price Swaps - January 2023 - September 2023
Derivatives
Weighted Average Fixed Price	61.70		61.70
Maximum | Natural Gas Price Swaps - October 2021 - December 2021
Derivatives
Weighted Average Fixed Price	2.58		2.58
Maximum | Natural Gas Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price	2.70		2.70
Maximum | Natural Gas Price Swaps - January 2023 - September 2023
Derivatives
Weighted Average Fixed Price	3.09		3.09

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Commodity Derivative contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts liabilities	$ (41,701,421)	$ (6,280,863)
Commodity Derivative contract | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts liabilities	(41,701,421)	$ (6,280,863)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative contracts	500,000
Commodity derivative contracts assets	661,338
Derivative contracts liabilities	(210,104)
Interest Rate Swap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative contracts assets	661,338
Derivative contracts liabilities	$ (210,104)

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
OIL AND NATURAL GAS PROPERTIES
Proved properties	$ 977,763,680			$ 977,763,680		$ 923,413,606
Unevaluated properties	171,847,133			171,847,133		225,681,626
Less: accumulated depreciation, depletion, and impairment	(652,252,233)			(652,252,233)		(628,102,279)
Total oil and natural gas properties, net	497,358,580			497,358,580		$ 520,992,953
Transfer to full cost pool			$ 48,600,000
Percent of proved undeveloped reserves of estimated proved reserves (as a percent)						6.10%
Impairment of oil and natural gas properties	$ 0	$ 22,237,131		$ 0	$ 158,698,835

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
LEASES
Operating lease weighted average remaining lease term	7 years 7 months 2 days		7 years 7 months 2 days
Operating lease weighted average discount rate (as a percent)	6.75%		6.75%
Operating lease expense	$ 100,000	$ 100,000	$ 400,000	$ 400,000
2021	121,409		121,409
2022	486,045		486,045
2023	487,787		487,787
2024	488,725		488,725
2025	497,033		497,033
Thereafter	1,726,915		1,726,915
Total operating leases	3,807,914		3,807,914
Less Imputed Interest	(872,141)		(872,141)
Total	$ 2,935,773		$ 2,935,773

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)	Dec. 08, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	May 21, 2021	Dec. 07, 2020	Feb. 08, 2017
Long-term debt
Amortization of Debt Issuance Costs			$ 1,148,066	$ 808,534
Borrowings of debt			40,559,459	157,065,176
Repayment of debt			19,400,000	$ 87,500,000
Revolving credit facility
Long-term debt
Revolving credit facility maximum borrowings	$ 265,000,000					$ 225,000,000
Revolving credit facility increased maximum borrowing capacity if certain conditions are met	$ 500,000,000
Revolving credit facility outstanding		$ 192,700,000	$ 192,700,000
Floor margin	0.25%
Permitted numerator subjected to cash	$ 25,000,000
Interest rate on outstanding borrowings (as a percent)		3.99%	3.84%
Borrowing base	$ 265,000,000				$ 265,000,000
Amount of applicable margin increase for each applicable level (as a percent)	1.00%
Borrowings of debt			$ 40,600,000
Revolving credit facility | LIBOR
Long-term debt
Variable rate			LIBOR
Margin (as a percent)			3.50%
Revolving credit facility | Prime
Long-term debt
Margin (as a percent)			2.50%
Revolving credit facility | Maximum
Long-term debt
Debt to EBITDAX ratio	400.00%						350.00%
Revolving credit facility | Maximum | LIBOR
Long-term debt
Margin (as a percent)	4.00%
Revolving credit facility | Maximum | Prime
Long-term debt
Margin (as a percent)	3.00%
Revolving credit facility | Minimum
Long-term debt
Debt to EBITDAX ratio	350.00%
Current assets to current liabilities ratio							100.00%
Revolving credit facility | Minimum | LIBOR
Long-term debt
Margin (as a percent)	3.00%
Revolving credit facility | Minimum | Prime
Long-term debt
Margin (as a percent)	2.00%

PREFERRED UNITS - Other (Detail

PREFERRED UNITS - Other (Details) - USD ($)	Jul. 07, 2021	Feb. 12, 2020	Jul. 31, 2018	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Preferred units
Temporary equity, outstanding (in units)				25,000						25,000		55,000
Series A preferred units deemed distributions				$ 4,849,996	$ 1,577,968	$ 1,577,968	$ 1,577,968	$ 1,577,968	$ 3,076,684
Series A Preferred Units
Preferred units
Redemption of Series A preferred units		55,000								30,000
Percentage of Series A preferred units redeemed		50.00%
Unit price (in dollars per unit)		$ 1,110.72
Series A preferred units redemption price		$ 61,100,000
Deemed distribution amount											$ 5,700,000
Series A Preferred Units | Minimum
Preferred units
Percent of consideration transferred to carrying value of units (as a percent)		50.00%
Percent of consideration transferred to original intrinsic value of units (as a percent)		50.00%
Series A Preferred Stock
Preferred units
Redemption of Series A preferred units	30,000
Percentage of Series A preferred units redeemed	55.00%
Unit price (in dollars per unit)	$ 1,202.51
Series A preferred units redemption price	$ 36,100,000
Temporary equity, outstanding (in units)	25,000
Minimum percentage of consideration transferred to redeem series A Preferred Units										50.00%
Minimum percentage of original intrinsic value of beneficial conversion feature										50.00%
Series A preferred units deemed distributions				$ 3,800,000						$ 3,800,000
Affiliates of Apollo Capital Management, L.P.
Preferred units
Series A preferred units issued			110,000
Share price (in dollars per unit)			$ 1,000
Proceeds from the issuance of preferred units			$ 110,000,000
Distribution rate (as a percent)			7.00%
The period after issuance securities become convertible			2 years
Discount rate to the issue price (as a percent)			$ 30
Percent of redemption price exceeding invested capital for the Partnership to initiate redemption (as a percent)			120.00%
Minimum IRR prior to the fifth anniversary of Series A Issuance Date (as a percent)										13.00%
Minimum IRR on or after the fifth anniversary of Series A Issuance Date (as a percent)										14.00%
Minimum IRR on or after the sixth anniversary of Series A Issuance Date (as a percent)										15.00%

PREFERRED UNITS - Rollforward (

PREFERRED UNITS - Rollforward (Details) - Series A Preferred Units - shares	Feb. 12, 2020	Sep. 30, 2021
Preferred units rollforward
Balance at beginning of period		55,000
Redemption of Series A preferred units	(55,000)	(30,000)
Balance at end of period		25,000

UNITHOLDERS' EQUITY AND PARTN_3

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended						9 Months Ended
	Jan. 31, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Common units
Units issued (in units)		42,916,472						42,916,472		38,918,689
Units outstanding (in units)		42,916,472						42,916,472		38,918,689
Repayment of debt								$ 19,400,000	$ 87,500,000
Capital rollforward
Unitholders' capital, beginning balance (in units)				38,918,689				38,918,689
Unitholders' capital, ending balance (in units)		42,916,472						42,916,472
Cash distributions declared and paid (in dollars per unit)		$ 0.37	$ 0.31	$ 0.27	$ 0.19	$ 0.13	$ 0.17
Common Units
Common units
Units outstanding (in units)		42,916,472						42,916,472		38,918,689
Capital rollforward
Unitholders' capital, beginning balance (in units)				38,918,689				38,918,689
Conversion of Class B Units (in units)								3,168,202
Common units issued under the LTIP (in units)								936,567
Restricted units repurchased for tax withholding (in units)								(106,986)
Unitholders' capital, ending balance (in units)		42,916,472						42,916,472
Class B
Common units
Units outstanding (in units)		17,611,579						17,611,579		20,779,781
Capital rollforward
Unitholders' capital, beginning balance (in units)				20,779,781				20,779,781
Conversion of Class B Units (in units)								(3,168,202)
Unitholders' capital, ending balance (in units)		17,611,579						17,611,579
Cash distributions (as a percent)								2.00%
Class B Common Units
Capital rollforward
Additional consideration paid per unit (in dollars per unit)								$ 0.05
Public Offering
Common units
Units issued (in units)	5,000,000
Proceeds from equity offering	$ 73,600,000
Repayment of debt	$ 70,000,000
Underwriters option to purchase additional units
Common units
Units issued (in units)	750,000

EARNINGS (LOSS) PER COMMON UN_3

EARNINGS (LOSS) PER COMMON UNIT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings per unit
Net income (loss) attributable to common units	$ 1,837,579	$ (17,795,643)	$ 2,624,532	$ (105,125,328)
Weighted average number of common units outstanding Basic (in units)	41,106,157	35,423,112	39,383,172	33,540,977
Weighted average number of common units outstanding Diluted (in units)	42,619,472	35,423,112	41,112,824	33,540,977
Net income (loss) attributable to common units per unit (basic)	$ 0.04	$ (0.50)	$ 0.07	$ (3.13)
Net income (loss) attributable to common units per unit (diluted)	$ 0.04	$ (0.50)	$ 0.06	$ (3.13)
Restricted Units
Earnings per unit
Weighted average number of common units outstanding (in units)	1,513,315		1,729,652
Anti-dilutive options outstanding		1,510,396		1,510,396

UNIT-BASED COMPENSATION (Detail

UNIT-BASED COMPENSATION (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Unvested Units
Vesting (in units)	(419,535)
Unvested Weighted Average Grant-Date Fair Value
Vesting (in dollars per unit)	$ 13.460
Long-Term Incentive Plan
Unit-based compensation
Additional common units authorized for issuance	4,541,600
Vesting period	3 years
Long-Term Incentive Plan | First Anniversary
Unit-based compensation
Vesting percent	33.30%
Long-Term Incentive Plan | Second Anniversary
Unit-based compensation
Vesting percent	33.30%
Long-Term Incentive Plan | Third Anniversary
Unit-based compensation
Vesting percent	33.30%
Long-Term Incentive Plan | Restricted Units
Unvested Units
Unvested at beginning of period (in units)	1,276,546
Awarded (in units)	936,567
Unvested at end of period (in units)	1,793,578	1,276,546
Unvested Weighted Average Grant-Date Fair Value
Unvested at beginning of period (in dollars per unit)	$ 13.604
Awarded (in dollars per unit)	10.350
Unvested at end of period (in dollars per unit)	$ 11.938	$ 13.604
Weighted Average Remaining Contractual Term
Unvested contractual term, at end of period	1 year 9 months 14 days	1 year 9 months 13 days

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
BJF Royalties
Related Party Transactions
Payments made to related parties	$ 0	$ 0
K3 Royalties
Related Party Transactions
Payments made to related parties	30,000	90,000
Nail Bay Royalties
Related Party Transactions
Payments made to related parties	75,329	225,986
Duncan Management
Related Party Transactions
Payments made to related parties	$ 137,120	$ 411,360

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Nov. 02, 2021	Oct. 28, 2021	Oct. 22, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 08, 2020	Dec. 07, 2020
Subsequent events
Borrowings of debt				$ 40,559,459	$ 157,065,176
Distributions on Series A redeemable preferred units				2,362,509	3,850,006
Distributions to Class B unitholders				59,170	$ 71,089
Subsequent Event | Class B Common Units
Subsequent events
Cash distributions (as a percent)	2.00%
Distributions to Class B unitholders	$ 17,612
Subsequent Event | Series A Preferred Stock
Subsequent events
Distributions on Series A redeemable preferred units	$ 400,000
Subsequent Event | Board of Directors
Subsequent events
Cash distributions declared (in dollars per unit)			$ 0.37
Revolving credit facility
Subsequent events
Borrowings of debt				$ 40,600,000
Line of Credit Facility, Maximum Borrowing Capacity						$ 265,000,000	$ 225,000,000
Revolving credit facility | Subsequent Event
Subsequent events
Borrowings of debt		$ 8,000,000