Kimbell Royalty Partners (KRP) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Units
Document Information
Entity Common Stock, Shares Outstanding		57,331,833
Class B
Document Information
Entity Common Stock, Shares Outstanding		8,211,579

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 16,554,722	$ 7,052,414
Oil, natural gas and NGL receivables	46,387,472	35,147,145
Derivative assets		166,307
Accounts receivable and other current assets	2,595,951	3,051,593
Total current assets	65,538,145	45,417,459
Property and equipment, net	1,036,281	1,888,247
Investment in affiliate (equity method)	1,161,255	4,738,822
Oil and natural gas properties
Oil and natural gas properties, using full cost method of accounting ($48,689,818 and $153,284,173 excluded from depletion at September 30, 2022 and December 31, 2021, respectively)	1,204,839,460	1,204,395,484
Less: accumulated depreciation, depletion and impairment	(696,086,227)	(663,603,142)
Total oil and natural gas properties, net	508,753,233	540,792,342
Right-of-use assets, net	2,607,158	2,844,997
Derivative assets		1,590,501
Loan origination costs, net	3,267,908	4,214,484
Investments held in trust	238,400,000
Total assets	821,511,790	601,486,852
Current liabilities
Accounts payable	874,180	811,019
Other current liabilities	6,418,999	3,319,495
Derivative liabilities	23,477,833	24,190,678
Total current liabilities	30,771,012	28,321,192
Operating lease liabilities, excluding current portion	2,319,960	2,561,274
Derivative liabilities	1,875,710	4,190,776
Long-term debt	203,915,911	217,115,911
Other liabilities	354,167	447,918
Total liabilities	247,767,367	252,637,071
Commitments and contingencies (Note 15)
Mezzanine equity:
Redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation	236,900,000
Kimbell Royalty Partners, LP unitholders' equity:
Common units (57,331,833 units and 47,162,773 units issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	485,063,162	328,717,841
Class B units (8,211,579 and 17,611,579 units issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	410,579	880,579
Total Kimbell Royalty Partners, LP unitholders' equity	485,473,741	329,598,420
Noncontrolling (deficit) interest in OpCo	(148,629,318)	19,251,361
Total equity	336,844,423	348,849,781
Total liabilities, mezzanine equity and unitholders' equity	821,511,790	$ 601,486,852
Consolidated variable interest entities
Oil and natural gas properties
Cash	551,979
Investments held in trust	238,412,777
Prepaid expenses	183,054
Current liabilities
Other current liabilities	480,607
Deferred underwriting commissions	$ 8,050,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Oil and natural gas properties excluded from depletion	$ 48,689,818	$ 153,284,173
Common units, issued (in units)	57,331,833	47,162,773
Common units, outstanding (in units)	57,331,833	47,162,773
Class B units, issued (in units)	8,211,579	17,611,579
Class B units, outstanding (in units)	8,211,579	17,611,579

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Loss on commodity derivative instruments, net	$ (1,116,722)	$ (17,566,617)	$ (40,194,369)	$ (45,919,531)
Total revenues	72,922,972	31,794,314	179,388,149	79,938,194
Costs and expenses
Production and ad valorem taxes	4,518,580	3,104,502	13,542,285	8,100,733
Depreciation and depletion expense	11,326,791	8,828,517	33,359,915	25,076,429
Impairment of oil and natural gas properties	0	0	0	0
Marketing and other deductions	3,068,244	2,996,434	10,639,314	8,842,942
General and administrative expense	7,482,814	6,766,628	21,938,249	20,247,843
Total costs and expenses	26,924,063	21,696,081	81,337,356	62,267,947
Operating income	45,998,909	10,098,233	98,050,793	17,670,247
Other income (expense)
Equity income in affiliate	23,727	261,336	3,658,460	719,958
Interest expense	(3,667,534)	(2,495,465)	(9,868,679)	(6,692,263)
Other income (expense)	76,873	(397,608)	4,043,530	16,347
Net income before income taxes	43,620,231	7,466,496	97,396,881	11,714,289
Income tax (benefit) expense	(224,883)		1,850,357
Net income	43,845,114	7,466,496	95,546,524	11,714,289
Distribution and accretion on Series A preferred units		(4,849,996)		(8,005,932)
Net income and distributions and accretion on Series A preferred units attributable to noncontrolling interests in OpCo	(5,493,117)	(761,311)	(11,975,886)	(1,024,655)
Distribution on Class B units	(8,211)	(17,610)	(34,032)	(59,170)
Net income attributable to common units of Kimbell Royalty Partners, LP	$ 38,343,786	$ 1,837,579	$ 83,536,606	$ 2,624,532
Net income per unit attributable to common units of Kimbell Royalty Partners, LP
Net loss per unit attributable to common units (basic) (in dollar per share)	$ 0.69	$ 0.04	$ 1.26	$ 0.07
Net loss per unit attributable to common units (diluted) (in dollar per share)	$ 0.59	$ 0.03	$ 1	$ 0.04
Weighted average number of common units outstanding
Weighted average number of common units outstanding Basic (in units)	55,434,641	41,106,157	52,302,235	39,383,172
Weighted average number of common units outstanding Diluted (in units)	65,543,412	60,511,314	65,397,463	60,349,535
Consolidated variable interest entities
Costs and expenses
General and administrative expense	$ 527,634		$ 1,857,593
Other income (expense)
Interest earned on marketable securities in trust account	1,188,256		1,512,777
Oil, natural gas and NGL revenues
Revenue	73,867,992	$ 47,638,423	217,543,364	$ 122,844,684
Lease bonus and other income
Revenue	$ 171,702	$ 1,722,508	$ 2,039,154	$ 3,013,041

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS' EQUITY - USD ($)	Common Units	Class B Common Units	Noncontrolling Interest in Opco	Noncontrolling Interest in TGR	Total
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
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	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
Increase (Decrease) in Unitholders' Capital
Net income					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
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
Unitholders' capital, ending balance at Dec. 31, 2021					329,598,420
Unitholders' capital, ending balance at Dec. 31, 2021	$ 328,717,841	$ 880,579	19,251,361		$ 348,849,781
Unitholders' capital, ending balance (in units) at Dec. 31, 2021	47,162,773	17,611,579			47,162,773
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	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	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
Unitholders' capital, beginning balance at Dec. 31, 2021	$ 328,717,841	$ 880,579	19,251,361		$ 348,849,781
Unitholders' capital, beginning balance (in units) at Dec. 31, 2021	47,162,773	17,611,579			47,162,773
Increase (Decrease) in Unitholders' Capital
Costs associated with equity offering	$ (325,508)				$ (325,508)
Conversion of Class B units to common units	$ 161,424,103	$ (467,896)	(161,424,103)		(467,896)
Conversion of Class B units to common units (in units)	9,357,919	(9,357,919)
Restricted units repurchased for tax withholding	$ (3,344,828)				(3,344,828)
Restricted units repurchased for tax withholding (in units)	(193,604)
Unit-based compensation	$ 2,194,342				2,194,342
Unit-based compensation (in units)	963,835
Distributions to unitholders	$ (17,450,226)		(6,516,284)		(23,966,510)
Distribution on Class B units	(17,610)				(17,610)
Proceeds from issuance of TGR public warrants				$ 11,500,000	11,500,000
Accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation	(16,325,799)		(2,351,988)	$ (11,500,000)	(30,177,787)
Net income	7,348,567		1,058,677		8,407,244
Unitholders' capital, ending balance at Mar. 31, 2022	$ 462,220,882	$ 412,683	(149,982,337)		312,651,228
Unitholders' capital, ending balance (in units) at Mar. 31, 2022	57,290,923	8,253,660
Unitholders' capital, beginning balance at Dec. 31, 2021					329,598,420
Unitholders' capital, beginning balance at Dec. 31, 2021	$ 328,717,841	$ 880,579	19,251,361		$ 348,849,781
Unitholders' capital, beginning balance (in units) at Dec. 31, 2021	47,162,773	17,611,579			47,162,773
Increase (Decrease) in Unitholders' Capital
Net income					$ 95,546,524
Unitholders' capital, ending balance at Sep. 30, 2022					485,473,741
Unitholders' capital, ending balance at Sep. 30, 2022	$ 485,063,162	$ 410,579	(148,629,318)		$ 336,844,423
Unitholders' capital, ending balance (in units) at Sep. 30, 2022	57,331,833	8,211,579			57,331,833
Unitholders' capital, beginning balance at Mar. 31, 2022	$ 462,220,882	$ 412,683	(149,982,337)		$ 312,651,228
Unitholders' capital, beginning balance (in units) at Mar. 31, 2022	57,290,923	8,253,660
Increase (Decrease) in Unitholders' Capital
Conversion of Class B units to common units	$ 722,952	$ (2,104)	(722,952)		(2,104)
Conversion of Class B units to common units (in units)	42,081	(42,081)
Forfeiture of restricted units	$ (19,813)				(19,813)
Forfeiture of restricted units (in units)	(1,171)
Unit-based compensation	$ 2,949,491				2,949,491
Distributions to unitholders	(26,945,962)		(3,859,442)		(30,805,404)
Distribution on Class B units	(8,211)				(8,211)
Accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation	(1,519,432)		(217,627)		(1,737,059)
Net income	37,870,074		5,424,092		43,294,166
Unitholders' capital, ending balance at Jun. 30, 2022	$ 475,269,981	$ 410,579	(149,358,266)		326,322,294
Unitholders' capital, ending balance (in units) at Jun. 30, 2022	57,331,833	8,211,579
Increase (Decrease) in Unitholders' Capital
Unit-based compensation	$ 2,981,903				2,981,903
Distributions to unitholders	(31,532,508)		(4,764,169)		(36,296,677)
Distribution on Class B units	(8,211)				(8,211)
Net income	38,351,997		5,493,117		43,845,114
Unitholders' capital, ending balance at Sep. 30, 2022					485,473,741
Unitholders' capital, ending balance at Sep. 30, 2022	$ 485,063,162	$ 410,579	$ (148,629,318)		$ 336,844,423
Unitholders' capital, ending balance (in units) at Sep. 30, 2022	57,331,833	8,211,579			57,331,833

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 95,546,524	$ 11,714,289
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and depletion expense	33,359,915	25,076,429
Impairment of oil and natural gas properties	0	0
Amortization of right-of-use assets	237,839	221,294
Amortization of loan origination costs	1,381,717	1,148,066
Equity income in affiliate	(3,658,460)	(719,958)
Cash distribution from affiliate	3,770,651	664,916
Forfeiture of restricted units	(19,813)
Unit-based compensation	8,125,736	8,196,939
(Gain) loss on derivative instruments, net of settlements	(1,271,103)	34,969,324
Changes in operating assets and liabilities:
Oil, natural gas and NGL receivables	(11,240,327)	(13,130,343)
Accounts receivable and other current assets	455,642	(521,569)
Accounts payable	63,161	139,753
Other current liabilities	3,099,504	1,552,405
Operating lease liabilities	(241,314)	(228,891)
Net cash provided by operating activities	128,005,890	69,082,654
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(118,614)	(740,584)
Purchase of oil and natural gas properties	(443,977)	(515,582)
Cash distribution from affiliate	3,465,376	500,389
Net cash used in investing activities	(233,997,215)	(755,777)
CASH FLOWS FROM FINANCING ACTIVITIES
Costs associated with equity offering	(325,508)
Redemption of Class B contributions on converted units	(470,000)	(158,410)
Redemption on Series A preferred units		(36,075,370)
Distributions to common unitholders	(75,928,696)	(31,430,690)
Distribution to OpCo unitholders	(15,139,895)	(15,018,291)
Distribution and accretion on Series A preferred units		(2,362,509)
Distribution on Class B units	(34,032)	(59,170)
Borrowings on long-term debt	43,200,000	40,559,459
Repayments on long-term debt	(56,400,000)	(19,400,000)
Payment of loan origination costs	(435,141)	(343,853)
Restricted units repurchased for tax withholding	(3,344,828)	(1,144,264)
Net cash provided by (used in) financing activities	116,045,612	(65,433,098)
NET INCREASE IN CASH AND CASH EQUIVALENTS	10,054,287	2,893,779
CASH AND CASH EQUIVALENTS, beginning of period	7,052,414	9,804,977
CASH AND CASH EQUIVALENTS, end of period	17,106,701	12,698,756
Supplemental cash flow information:
Cash paid for interest	8,032,309	5,446,245
Cash paid for taxes	3,067,374
Non-cash investing and financing activities:
Noncash effect of Series A preferred unit redemption		8,172,973
Noncash deemed distribution to Series A preferred units		5,643,423
Right-of-use assets obtained in exchange for operating lease liabilities		19,636
Recognition of tenant improvement asset	93,751	$ 479,167
Consolidated variable interest entities
Changes in operating assets and liabilities:
Interest earned on marketable securities in trust account	(1,512,777)
Other assets and liabilities	(91,005)
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in marketable securities	(236,900,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of underwriting commissions with equity offering of Kimbell Tiger Operating Company, net of adjustments	(2,661,288)
Proceeds from initial public offering of Kimbell Tiger Operating Company	227,585,000
CASH AND CASH EQUIVALENTS, end of period	551,979
Consolidated Entity, Excluding VIE
Non-cash investing and financing activities:
Deferred underwriting commissions	$ 8,050,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of Cash and Cash Equivalents and Cash Held at Consolidated Variable Interest Entities to the Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 17,106,701	$ 12,698,756
Consolidated variable interest entities
Reconciliation of Cash and Cash Equivalents and Cash Held at Consolidated Variable Interest Entities to the Consolidated Statements of Cash Flows
Cash and cash equivalents	551,979
Non-Consolidated Variable Interest Entity Primary Beneficiary
Reconciliation of Cash and Cash Equivalents and Cash Held at Consolidated Variable Interest Entities to the Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 16,554,722	$ 12,698,756

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
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” or “OpCo” 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. On February 8, 2022, the Partnership announced the $230 million initial public offering of its special purpose acquisition company, Kimbell Tiger Acquisition Corporation (NYSE: TGR). Kimbell Tiger Acquisition Corporation (“TGR”) was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Kimbell Tiger Acquisition Sponsor, LLC (“TGR Sponsor”), which is a subsidiary of the Partnership, was created to assist TGR in sourcing, analyzing and consummating acquisition opportunities for that initial business combination. TGR Sponsor and TGR have been consolidated in the financial statements of the Partnership beginning in the year ended December 31, 2021. This resulted in the consolidation of $239.1 million of assets, $8.5 million of liabilities, $236.9 million of redeemable noncontrolling interests and $17.8 million of common equity and $2.6 million of noncontrolling interests related to TGR and TGR Sponsor as of September 30, 2022. Further details on the impact of the consolidation of TGR and TGR Sponsor can be found in Note 3. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“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 consolidated financial statements do not include all disclosures required for complete annual financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim 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, 2021 (the “2021 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 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. The accompanying unaudited interim consolidated financial statements include the accounts of the Partnership and its consolidated subsidiaries. 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. Use of Estimates 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 Coronavirus (“COVID-19”) remains a global health crisis and there continues to be considerable uncertainty regarding the ultimate impact of COVID-19 and its variants. Despite improvements in global economic activity levels and higher energy demand compared to 2021, the impact of COVID-19 continue to be unpredictable, including the impact of new virus strains, the risk of renewed restrictions and the uncertainty of successful administration of effective treatments and vaccines. The Partnership is unable to reasonably estimate the period of time that related conditions could exist or the extent to which they could impact the Partnership’s business, results of operations, financial condition or cash flows. Commodity prices have risen from 2021; however, further negative impact from COVID-19 may require the Partnership to adjust its business plan. The ultimate impact 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, such as the duration and scope of the pandemic, the length and severity of the worldwide economic downturn, the ability of the Organization of Petroleum Exporting Countries, Russia and other crude oil producing nations to manage the global crude oil supply, additional actions by businesses and governments in response to the pandemic, the economic downturn and the decrease in crude oil demand, the speed and effectiveness of responses to combat the virus and the time necessary to balance crude oil supply and demand to restore crude oil pricing. Although prices have recovered, the ongoing impact of COVID-19 on our business, employees and operations, including supply chain concerns, among others still continues to affect our industry. Russia / Ukraine Conflict In February 2022, Russia invaded Ukraine and is still engaged in active armed conflict against the country. The conflict and the sanctions imposed in response have led to regional instability and caused dramatic fluctuations in global financial markets and have increased the level of global economic and political uncertainty, including uncertainty about world-wide oil supply and demand, which in turn has increased volatility in commodity prices.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
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 2021 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, 2022 . Consolidation The Partnership analyzes whether it has a variable interest in an entity and whether that entity is a variable interest entity (“VIE”) to determine whether it is required to consolidate those entities. The Partnership performs the variable interest analysis for all entities in which it has a potential variable interest, which primarily consist of all entities with respect to which the Partnership serves as the sponsor, general partner or managing member, and general partner entities not wholly owned by the Partnership. If the Partnership has a variable interest in the entity and the entity is a VIE, it will also analyze whether the Partnership is the primary beneficiary of this entity and whether consolidation is required. In evaluating whether it has a variable interest in the entity, the Partnership reviews the equity ownership and the extent to which it absorbs risk created and distributed by the entity, as well as whether the fees charged to the entity are customary and commensurate with the level of effort required to provide services. Fees received by the Partnership are not variable interests if (i) the fees are compensation for services provided and are commensurate with the level of effort required to provide those services, (ii) the service arrangement includes only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length and (iii) the Partnership’s other economic interests in the VIE held directly and indirectly through its related parties, as well as economic interests held by related parties under common control, where applicable, would not absorb more than an insignificant amount of the entity’s losses or receive more than an insignificant amount of the entity’s benefits. Evaluation of these criteria requires judgment. For entities determined to be VIEs, the Partnership must then evaluate whether it is the primary beneficiary of such VIEs. To make this determination, the Partnership evaluates its economic interests in the entity specifically determining if the Partnership has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (the “benefits”). When making the determination on whether the benefits received from an entity are significant, the Partnership considers the total economics of the entity, and analyzes whether the Partnership’s share of the economics is significant. The Partnership utilizes qualitative factors, and, where applicable, quantitative factors, while performing the analysis. VIEs of which the Partnership is the primary beneficiary have been included in the Partnership’s consolidated financial statements. The portion of the consolidated subsidiaries owned by third parties and any related activity is eliminated through non-controlling interests in the consolidated balance sheets and income (loss) attributable to non-controlling interests in the consolidated statements of operations. Investments Held in Trust by Consolidated Variable Interest Entities Investments held in trust represent funds raised by TGR, a consolidated special purpose acquisition company, through the TGR IPO (as defined in Note 3). These funds are held in an actively-traded money market fund, which invests in U.S. Treasury securities. Investments held in trust are classified as trading securities and are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in other income (expense)—interest earned on marketable securities in trust account on the accompanying unaudited interim consolidated statements of operations. The estimated fair values of investments held in the trust account are determined using quoted prices in an active market and therefore are classified in Level 1 of the fair value hierarchy, as described in Note 5— Fair Value Measurements. Redeemable Non-Controlling Interest Redeemable non-controlling interests represent the shares of TGR Class A common stock (as defined in Note 3) sold in the TGR IPO that are redeemable for cash by the public TGR shareholders concurrently with TGR’s initial business combination or in the event of TGR’s failure to complete a business combination or a tender offer. The redeemable non-controlling interests are initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. The carrying amount remains accreted to its full redemption value at September 30, 2022.

ACQUISITIONS, JOINT VENTURE AND

ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY	9 Months Ended
	Sep. 30, 2022
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 December 7, 2021, the Partnership completed the acquisition of all of the equity interests in certain subsidiaries owned by Caritas Royalty Fund LLC and certain of its affiliates (the “Cornerstone Acquisition”) for an aggregate purchase price of approximately $54.6 million. The Partnership funded the payment of the purchase price with borrowings under its secured revolving credit facility. The assets acquired in the Cornerstone Acquisition consisted of approximately 26,000 gross producing wells across the Permian, Mid-Continent, Haynesville and other leading United States 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 was 49.3%. On April 29, 2022, the Joint Venture completed the sale of the majority of its royalty, mineral and overriding interests and similar non-cost bearing interests in oil and gas properties for a total purchase price of $14.8 million. Net proceeds distributed to the Partnership were $6.4 million, which were then used to repay debt on the Partnership’s secured revolving credit facility. Special Purpose Acquisition Company On July 29, 2021, TGR, the Partnership’s special purpose acquisition company and subsidiary, filed a registration statement on Form S-1 with the SEC. On February 8, 2022, TGR consummated its initial public offering (the “TGR IPO”) of 23,000,000 units (each a “unit” and, collectively, the “units”), including 3,000,000 additional units issued pursuant to the underwriter’s exercise in full of its over-allotment option, at $10.00 per unit, generating proceeds of approximately $230,000,000 and incurring offering costs of approximately $12,650,000, inclusive of $8,050,000 in deferred underwriting commissions. Each unit consists of one share of Class A common stock, par value $0.0001 (the “TGR Class A common stock”), and one-half of one redeemable warrant. Each whole warrant may be exercised for one share of Class A common stock at a price of $11.50 per share. Certain members of our management and members of the Board of Directors are members of the sponsor of TGR, TGR Sponsor. TGR was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Under the terms of TGR’s governing documents, TGR has until May 8, 2023 (15 months from the closing of the TGR IPO) to complete the Business Combination, subject to TGR Sponsor’s option to extend such deadline by three months up to two times. In connection with the closing of the TGR IPO, TGR completed the sale of 14.1 million private placement warrants (the “private placement warrants”) to TGR Sponsor, which is a subsidiary of the Partnership, for a purchase price of $1.00 per private placement warrant, generating gross proceeds of $14.1 million. Each private placement warrant is exercisable to purchase for $11.50 one share of TGR Class A common stock. In addition, TGR incurred $12.7 million of fees and expenses, of which $8.1 million were deferred underwriting commissions that will become payable to the underwriters solely in the event that TGR completes the Business Combination, which were included in deferred underwriting commissions on the accompanying consolidated balance sheet at September 30, 2022. In May 2021, prior to TGR’s IPO, TGR Sponsor paid $25,000 in exchange for the issuance of (i) 5,750,100 shares of TGR’s Class B common stock, par value $0.0001 per share (the “TGR Class B common stock”), and (ii) 2,500 shares of TGR Class A common stock. Additionally, in May 2021, TGR paid $25,000 to Kimbell Tiger Operating Company (“TGR Opco”) in exchange for the issuance of 2,500 Class A units of TGR Opco. Also in May 2021, TGR Sponsor received 100 Class A units of TGR Opco in exchange for $1,000 and 5,750,000 Class B units of TGR Opco. The shares of TGR Class B common stock and corresponding number of Class B units of TGR Opco (or the Class A units of TGR Opco into which such Class B units will convert) are collectively referred to as the “Founders Shares.” The Founders Shares will be exchangeable for shares of TGR Class A common stock upon completion of the Business Combination on a one-for-one basis, subject to certain adjustments. Class A units and Class B units of TGR Opco are substantially similar, other than certain distribution rights, and are entitled to vote together as a single class on all matters submitted for stockholder vote. In determining the accounting treatment of the Partnership’s equity interest in TGR, management concluded that TGR is a VIE as defined by Accounting Standards Codification Topic 810, “Consolidation.” A VIE is an entity in which equity investors at risk lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, the party who has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, as well as the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the entity. TGR Sponsor is the primary beneficiary of TGR as it has, through its equity interest, the right to receive benefits or the obligation to absorb losses from TGR, as well as the power to direct a majority of the activities that significantly impact TGR’s economic performance, including identification of a target for its Business Combination. As such, TGR is consolidated into the Partnership’s financial statements through TGR Sponsor. Proceeds of $236.9 million were deposited in a trust account established for the benefit of TGR’s public unitholders consisting of certain proceeds from the TGR IPO and certain proceeds from the sale of the private placement warrants, net of underwriters’ discounts and commissions and other costs and expenses. A minimum balance of $236.9 million, representing the number of TGR units sold at a redemption value of $10.30 per unit, is required by the underwriting agreement to be maintained in the trust account. The proceeds held in the trust account are only permitted to be invested in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 of the Investment Company Act that invest only in direct U.S. government treasury obligations. In connection with the trust account, the Partnership reported investments held in trust of $238.4 million on the accompanying consolidated balance sheet as of September 30, 2022. The public unitholders’ ownership of TGR Class A common stock represents a redeemable non-controlling interest to the Partnership, which is classified outside of permanent unitholders’ equity as the TGR Class A common stock is redeemable at the option of the public unitholders in connection with the Business Combination. The carrying amount of the redeemable non-controlling interest is equal to the greater of (i) the initial carrying amount, increased or decreased for the redeemable non-controlling interest’s share of TGR’s net income or loss and distributions or (ii) the redemption value. The public unitholders of TGR Class A common stock will be entitled in certain circumstances to redeem their shares of TGR Class A common stock for a pro rata portion of the amount in the trust account at $10.30 per share of TGR Class A common stock held, plus any pro rata interest earned on the funds held in the trust account. As of September 30, 2022, the carrying amount of the redeemable non-controlling interest was recorded at its redemption value of $236.9 million. Remeasurements to the redemption value of the redeemable non-controlling interest are recognized as a deemed dividend and are recorded directly to unitholders’ equity on the accompanying consolidated balance sheets. If TGR has not completed the Business Combination within such 15-month period (or 18-month or 21-month period, as applicable, if TGR Sponsor exercises its extension options), TGR will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less an amount required to satisfy taxes of TGR and TGR Opco and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares and Class A units of Opco (other than those held by TGR), which redemption will completely extinguish the public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of TGR’s remaining stockholders and board of directors, dissolve and liquidate, subject in each case to TGR’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to TGR’s warrants, which will expire worthless if TGR fails to complete the Business Combination within such 15-month period (or 18-month or 21-month period, as applicable, if the TGR Sponsor exercises its extension options). As of September 30, 2022, the Partnership owned approximately 20% of the common stock of TGR and the net loss and net assets of TGR were consolidated with the Partnership’s financial statements. The remaining approximately 80% of the consolidated net loss and net assets of TGR, representing the percentage of economic interest in TGR held by public shareholders of TGR through their ownership of TGR common stock, were allocated to redeemable non-controlling interest. The total assets of TGR are $239.1 million and total liabilities are $8.5 million as of September 30, 2022. The assets of TGR held outside of trust can only be used to settle obligations of TGR and there is no recourse to the Partnership for TGR’s liabilities. All warrants and TGR Class B common stock held by the Partnership are eliminated in consolidation. Also, all transactions between TGR and the Partnership, as well as related financial statement impact, are eliminated in consolidation.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2022
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, 2022, 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, 2022, these economic hedges constituted approximately 25% 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 scheduled trading day for the first nearby month futures contract corresponding to the relevant 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 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, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Beginning fair value of derivative instruments ​ $ (38,741,643) ​ $ (29,998,417) ​ $ (26,624,646) ​ $ (6,280,863) Loss on derivative instruments ​ ​ (1,022,399) ​ ​ (17,676,825) ​ ​ (35,456,734) ​ ​ (45,615,784) Net cash paid on settlements of derivative instruments ​ ​ 14,410,499 ​ ​ 6,425,055 ​ ​ 36,727,837 ​ ​ 10,646,460 Ending fair value of derivative instruments ​ $ (25,353,543) ​ $ (41,250,187) ​ $ (25,353,543) ​ $ (41,250,187) ​ 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 ​ 2022 ​ 2021 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ Derivative assets ​ $ — ​ $ 166,307 Long-term assets ​ Derivative assets ​ ​ — ​ ​ 1,590,501 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (23,477,833) ​ ​ (24,190,678) Long-term liabilities ​ Derivative liabilities ​ ​ (1,875,710) ​ ​ (4,190,776) ​ ​ ​ ​ $ (25,353,543) ​ $ (26,624,646) ​ As of September 30, 2022, 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 October 2022 - December 2022 ​ 109,388 ​ $ 46.00 ​ $ 46.00 ​ $ 46.00 January 2023 - December 2023 ​ 303,411 ​ $ 59.35 ​ $ 53.38 ​ $ 63.00 January 2024 - September 2024 ​ 159,596 ​ $ 76.34 ​ $ 69.30 ​ $ 82.40 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High October 2022 - December 2022 ​ 1,383,496 ​ $ 2.58 ​ $ 2.58 ​ $ 2.58 January 2023 - December 2023 ​ 4,245,899 ​ $ 2.90 ​ $ 2.52 ​ $ 3.28 January 2024 - September 2024 ​ 2,418,128 ​ $ 4.30 ​ $ 4.15 ​ $ 4.45 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
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 consolidated balance sheets approximated fair value as of September 30, 2022 and December 31, 2021 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, 2022 and 2021. The estimated fair values of investments held in the trust account are determined using quoted prices in an active market and therefore are classified in Level 1 of the fair value hierarchy. 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 Counterparty Netting ​ Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments held in trust ​ $ 238,412,777 ​ $ — ​ $ — ​ $ — ​ $ 238,412,777 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (25,353,543) ​ $ — ​ $ — ​ $ (25,353,543) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ — ​ $ 1,756,808 ​ $ — ​ $ — ​ $ 1,756,808 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (28,381,454) ​ $ — ​ $ — ​ $ (28,381,454) ​

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	9 Months Ended
	Sep. 30, 2022
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, ​ ​ 2022 ​ 2021 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 1,156,149,642 ​ $ 1,051,111,311 Unevaluated properties ​ ​ 48,689,818 ​ ​ 153,284,173 Less: accumulated depreciation, depletion and impairment ​ ​ (696,086,227) ​ ​ (663,603,142) Total oil and natural gas properties ​ $ 508,753,233 ​ $ 540,792,342 ​ 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. After evaluating certain external factors in 2020, the Partnership determined that it did not have reasonable certainty as to the timing of the development of the proved undeveloped (“PUD”) reserves and, therefore did not book PUD reserves in its total estimated proved reserves as of September 30, 2022 or December 31, 2021 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 or nine months ended September 30, 2022 or 2021.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
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 consolidated balance sheets. Short term operating lease liabilities are included in other current liabilities. The weighted average remaining lease term as of September 30, 2022 is 6.61 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 leases was 6.75% for the nine months ended September 30, 2022. 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 consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021. The total operating lease expense recorded for both the three months ended September 30, 2022 and 2021 was $0.1 million. The total operating lease expense recorded for both the nine months ended September 30, 2022 and 2021 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, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter Operating leases ​ $ 3,322,278 ​ $ 121,818 ​ $ 487,787 ​ $ 488,725 ​ $ 497,033 ​ $ 507,648 ​ $ 1,219,267 Less: Imputed Interest ​ (683,042) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,639,236 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2022
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 8—LONG-TERM DEBT On June 7, 2022, the Partnership entered into Amendment No. 3 (the “Third Credit Agreement Amendment”) to the Partnership’s existing Credit Agreement, dated as of January 11, 2017 (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of July 12, 2018, and that certain Amendment No. 2 to Credit Agreement, dated as of December 8, 2020, and as otherwise amended or modified prior to such date, the “Credit Agreement” and the Credit Agreement, as amended by the Third Credit Agreement Amendment, the “Amended Credit Agreement”), with certain subsidiaries of the Partnership, as guarantors, the lenders party thereto and Citibank as administrative agent. The Third Credit Agreement Amendment amended the Credit Agreement to, among other things, (i) increase (1) the aggregate elected commitments under the Amended Credit Agreement’s senior secured revolving credit facility (the “Credit Facility”) and (2) the borrowing base under the Credit Facility, in each case, from $275.0 million to $300.0 million and (ii) effect a transition of the benchmark interest rate from the London interbank offered rate (“LIBOR”) to the secured overnight financing rate (“SOFR”), by replacing the term “LIBOR” with the term “SOFR” for one, three or six month interest periods, plus a fixed credit spread adjustment of 10 , 15 and 25 basis points for 1-month, 3-month and 6-month Term SOFR loans (as defined in the Amended Credit Agreement), respectively. 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 representing limited partner interests in the Partnership (“common units”) and common units of the Operating Company (“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 of not more than 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, 2022, the Partnership borrowed an additional $43.2 million under the secured revolving credit facility and repaid approximately $56.4 million of the outstanding borrowings. As of September 30, 2022, the Partnership’s outstanding balance was $203.9 million. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of September 30, 2022. As of September 30, 2022, borrowings under the secured revolving credit facility bore interest at SOFR 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, 2022, the weighted average interest rate on the Partnership’s outstanding borrowings was 5.54% and 4.79%, respectively. The 1-week and 2-month U.S. dollar LIBOR settings ceased to be published after December 31, 2021, and the U.K. Financial Conduct Authority intends to stop persuading or compelling banks to submit LIBOR rates for the remaining U.S. dollar settings after June 30, 2023. In response, the Partnership’s secured revolving credit facility has transitioned to the use of the SOFR published by the Federal Reserve Bank of New York in replacement of LIBOR.

PREFERRED UNITS

PREFERRED UNITS	9 Months Ended
	Sep. 30, 2022
PREFERRED UNITS
PREFERRED UNITS	NOTE 9—PREFERRED UNITS In July 2018, the Partnership completed the private placement of 110,000 Series A preferred units (the “Series A preferred units”) to certain affiliates of Apollo Capital Management, L.P. for $1,000 per Series A preferred unit, resulting in gross proceeds to the Partnership of $110.0 million. 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 year ended December 31, 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 the carrying value of the Series A preferred units as of the redemption date and the redeemed portion 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 year ended December 31, 2021. On December 7, 2021, the Partnership completed the redemption of the remaining 25,000 Series A preferred units. The Series A preferred units were redeemed at a price of $1,240.25 per Series A preferred unit for an aggregate redemption price of $31.0 million. As the consideration transferred by the Partnership to redeem the Series A preferred units was greater than the carrying value of the Series A preferred units as of the redemption date and the remaining intrinsic value of the beneficial conversion feature, a deemed dividend distribution of $3.6 million was recognized in unitholders’ equity and non-controlling interest during the year ended December 31, 2021. As of September 30, 2022 and December 31, 2021, no Series A preferred units remain outstanding. ​

UNITHOLDERS' EQUITY AND PARTNER

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2022
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, 2022, the Partnership had a total of 57,331,833 common units issued and outstanding In November 2021, the Partnership completed an underwritten public offering of 4,312,500 common units for net proceeds of approximately $57.7 million (the “2021 Equity Offering”). The Partnership used the net proceeds from the 2021 Equity Offering to purchase OpCo common units. The Operating Company in turn used the net proceeds to repay approximately $56.0 million of the outstanding borrowings under the Partnership’s secured revolving credit facility. The following table summarizes the changes in the number of the Partnership’s common units: ​ ​ ​ ​ ​ ​ Common Units Balance at December 31, 2021 ​ 47,162,773 Conversion of Class B units ​ 9,400,000 Common units issued under the A&R LTIP (1) ​ 963,835 Restricted units repurchased for tax withholding ​ (193,604) Forfeiture of restricted units ​ (1,171) Balance at September 30, 2022 ​ 57,331,833 (1) Includes restricted units granted to certain employees, directors and consultants under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan on February 24, 2022. 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 2022 ​ $ 0.47 ​ April 22, 2022 ​ May 2, 2022 ​ May 9, 2022 Q2 2022 ​ $ 0.55 ​ August 3, 2022 ​ August 15, 2022 ​ August 22, 2022 Q3 2022 ​ $ 0.49 ​ November 3, 2022 ​ November 14, 2022 ​ November 21, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ The following table summarizes the changes in the number of the Partnership’s Class B units: ​ ​ ​ ​ ​ ​ Class B Units Balance at December 31, 2021 ​ 17,611,579 Conversion of Class B units ​ (9,400,000) Balance at September 30, 2022 ​ 8,211,579 ​ 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 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, 2022
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 A&R LTIP (as defined in Note 12) for its employees, directors and consultants and potential conversion of Class B units. The Partnership uses the “if-converted” method to determine the potential dilutive effect of exchanges of outstanding Class B units (and corresponding units of Kimbell Royalty Partners, LP), and the treasury stock method to determine the potential dilutive effect of vesting of outstanding restricted units granted under the Partnership’s LTIP. The Partnership does not use the two-class method because the Class B units and the unvested restricted units granted under the Partnership’s LTIP are nonparticipating securities. 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, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 38,343,786 ​ $ 1,837,579 ​ $ 83,536,606 ​ $ 2,624,532 Accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation ​ ​ — ​ ​ — ​ ​ (17,845,231) ​ ​ — Net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation ​ ​ 38,343,786 ​ ​ 1,837,579 ​ ​ 65,691,375 ​ ​ 2,624,532 Diluted net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation ​ ​ 38,343,786 ​ ​ 1,837,579 ​ ​ 65,691,375 ​ ​ 2,624,532 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 55,434,641 ​ ​ 41,106,157 ​ ​ 52,302,235 ​ ​ 39,383,172 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class B units ​ ​ 8,211,579 ​ ​ 17,611,579 ​ ​ 11,245,161 ​ ​ 19,253,448 Restricted units ​ ​ 1,897,192 ​ ​ 1,793,578 ​ ​ 1,850,067 ​ ​ 1,712,915 Diluted ​ ​ 65,543,412 ​ ​ 60,511,314 ​ ​ 65,397,463 ​ ​ 60,349,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per unit attributable to common units of Kimbell Royalty Partners, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.69 ​ $ 0.04 ​ $ 1.26 ​ $ 0.07 Diluted ​ $ 0.59 ​ $ 0.03 ​ $ 1.00 ​ $ 0.04 ​ The calculation of diluted net income per share for the three and nine months ended September 30, 2022 and 2021 includes the conversion of all Class B units to common units calculated using the “if-converted” method and units of unvested restricted units calculated using the treasury stock method.

UNIT-BASED COMPENSATION

UNIT-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION	NOTE 12—UNIT-BASED COMPENSATION On May 18, 2022, the Partnership held a special meeting of unitholders of the Partnership (the “Special Meeting”), at which the Partnership’s unitholders voted to approve the Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (the “A&R LTIP”), one third three estimate forfeiture rates and to account for forfeitures in compensation cost when they occur. Compensation expense for consultants is treated in the same manner as that of the employees and directors. 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, 2021 ​ 1,560,899 ​ $ 11.108 1.775 years Awarded ​ 963,835 ​ ​ 15.820 ​ — Vested ​ (626,371) ​ ​ 10.944 ​ — Forfeited ​ (1,171) ​ ​ 15.820 ​ — Unvested at September 30, 2022 ​ 1,897,192 ​ $ 13.553 1.769 years ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 13—INCOME TAXES The Partnership’s provision for income taxes is based on the estimated annual effective tax rate plus discrete items. The Partnership recorded an income tax benefit of $0.2 million and an expense of $1.9 million for the three and nine months ended September 30, 2022, respectively. The income tax expense recorded by the Partnership for the nine months ended September 30, 2022 primarily related to the significant increase in commodity prices which generated forecasted taxable net income for the year ended December 31, 2022.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 14—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”) and K3 Royalties, LLC (“K3 Royalties”), 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. Kimbell Operating previously had services agreements with Nail Bay Royalties, LLC (“Nail Bay Royalties”) and Duncan Management, LLC (“Duncan Management”). Effective as of February 18, 2022, Kimbell Operating and each of Nail Bay Royalties and Duncan Management entered into an agreement to terminate the services agreements of such service providers. During the three and nine months ended September 30, 2022 and 2021, no monthly services fee was paid to BJF Royalties. During the three months ended September 30, 2022, the Partnership made payments to K3 Royalties in the amount of $30,000. During the nine months ended September 30, 2022, the Partnership made payments to K3 Royalties, Nail Bay Royalties and Duncan Management in the amount of $90,000 , $41,251 and $75,090 , respectively. Commencing on the date of the TGR IPO, TGR agreed to pay the Partnership a total of $25,000 per month for office space utilities, secretarial support and administrative services provided to members of the management team. Upon completion of TGR’s initial Business Combination or TGR’s liquidation, TGR will cease paying these monthly fees. During the three and nine months ended September 30, 2022, TGR incurred $75,000 and $193,750, respectively, as part of this service agreement. Such fees are eliminated in consolidation.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 15—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, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16—SUBSEQUENT EVENTS The Partnership has evaluated events that occurred subsequent to September 30, 2022 in the preparation of its unaudited interim consolidated financial statements. Distributions On November 3, 2022, the Board of Directors declared a quarterly cash distribution of $0.49 per common unit and $0.509479 per OpCo common unit for the quarter ended September 30, 2022. The Partnership intends to pay this distribution on November 21, 2022 to common unitholders and OpCo common unitholders of record as of the close of business on November 14, 2022. As to the Partnership, $0.019479 of the OpCo common unit distribution corresponds to a tax payment made by the Partnership in the third quarter of 2022. Under the limited liability company agreement of the Operating Company, the Partnership is not reimbursed by the Operating Company for federal income taxes paid by the Partnership. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“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 consolidated financial statements do not include all disclosures required for complete annual financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim 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, 2021 (the “2021 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 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. The accompanying unaudited interim consolidated financial statements include the accounts of the Partnership and its consolidated subsidiaries. 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.
Use of Estimates	Use of Estimates 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	Segment Reporting The Partnership operates in a single reportable
Consolidation	Consolidation The Partnership analyzes whether it has a variable interest in an entity and whether that entity is a variable interest entity (“VIE”) to determine whether it is required to consolidate those entities. The Partnership performs the variable interest analysis for all entities in which it has a potential variable interest, which primarily consist of all entities with respect to which the Partnership serves as the sponsor, general partner or managing member, and general partner entities not wholly owned by the Partnership. If the Partnership has a variable interest in the entity and the entity is a VIE, it will also analyze whether the Partnership is the primary beneficiary of this entity and whether consolidation is required. In evaluating whether it has a variable interest in the entity, the Partnership reviews the equity ownership and the extent to which it absorbs risk created and distributed by the entity, as well as whether the fees charged to the entity are customary and commensurate with the level of effort required to provide services. Fees received by the Partnership are not variable interests if (i) the fees are compensation for services provided and are commensurate with the level of effort required to provide those services, (ii) the service arrangement includes only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length and (iii) the Partnership’s other economic interests in the VIE held directly and indirectly through its related parties, as well as economic interests held by related parties under common control, where applicable, would not absorb more than an insignificant amount of the entity’s losses or receive more than an insignificant amount of the entity’s benefits. Evaluation of these criteria requires judgment. For entities determined to be VIEs, the Partnership must then evaluate whether it is the primary beneficiary of such VIEs. To make this determination, the Partnership evaluates its economic interests in the entity specifically determining if the Partnership has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (the “benefits”). When making the determination on whether the benefits received from an entity are significant, the Partnership considers the total economics of the entity, and analyzes whether the Partnership’s share of the economics is significant. The Partnership utilizes qualitative factors, and, where applicable, quantitative factors, while performing the analysis. VIEs of which the Partnership is the primary beneficiary have been included in the Partnership’s consolidated financial statements. The portion of the consolidated subsidiaries owned by third parties and any related activity is eliminated through non-controlling interests in the consolidated balance sheets and income (loss) attributable to non-controlling interests in the consolidated statements of operations.
Investments Held in Trust by Consolidated Variable Interest Entities	Investments Held in Trust by Consolidated Variable Interest Entities Investments held in trust represent funds raised by TGR, a consolidated special purpose acquisition company, through the TGR IPO (as defined in Note 3). These funds are held in an actively-traded money market fund, which invests in U.S. Treasury securities. Investments held in trust are classified as trading securities and are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities are included in other income (expense)—interest earned on marketable securities in trust account on the accompanying unaudited interim consolidated statements of operations. The estimated fair values of investments held in the trust account are determined using quoted prices in an active market and therefore are classified in Level 1 of the fair value hierarchy, as described in Note 5— Fair Value Measurements.
Redeemable Non-Controlling Interest	Redeemable Non-Controlling Interest Redeemable non-controlling interests represent the shares of TGR Class A common stock (as defined in Note 3) sold in the TGR IPO that are redeemable for cash by the public TGR shareholders concurrently with TGR’s initial business combination or in the event of TGR’s failure to complete a business combination or a tender offer. The redeemable non-controlling interests are initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. The carrying amount remains accreted to its full redemption value at September 30, 2022.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2022
DERIVATIVES
Schedule of changes in fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Beginning fair value of derivative instruments ​ $ (38,741,643) ​ $ (29,998,417) ​ $ (26,624,646) ​ $ (6,280,863) Loss on derivative instruments ​ ​ (1,022,399) ​ ​ (17,676,825) ​ ​ (35,456,734) ​ ​ (45,615,784) Net cash paid on settlements of derivative instruments ​ ​ 14,410,499 ​ ​ 6,425,055 ​ ​ 36,727,837 ​ ​ 10,646,460 Ending fair value of derivative instruments ​ $ (25,353,543) ​ $ (41,250,187) ​ $ (25,353,543) ​ $ (41,250,187)
Schedule of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Classification ​ Balance Sheet Location ​ 2022 ​ 2021 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ Derivative assets ​ $ — ​ $ 166,307 Long-term assets ​ Derivative assets ​ ​ — ​ ​ 1,590,501 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (23,477,833) ​ ​ (24,190,678) Long-term liabilities ​ Derivative liabilities ​ ​ (1,875,710) ​ ​ (4,190,776) ​ ​ ​ ​ $ (25,353,543) ​ $ (26,624,646)
Schedule of commodity derivative contracts	Oil Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per Bbl) ​ ​ Volumes (Bbl) ​ Fixed Price (per Bbl) ​ Low ​ High October 2022 - December 2022 ​ 109,388 ​ $ 46.00 ​ $ 46.00 ​ $ 46.00 January 2023 - December 2023 ​ 303,411 ​ $ 59.35 ​ $ 53.38 ​ $ 63.00 January 2024 - September 2024 ​ 159,596 ​ $ 76.34 ​ $ 69.30 ​ $ 82.40 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High October 2022 - December 2022 ​ 1,383,496 ​ $ 2.58 ​ $ 2.58 ​ $ 2.58 January 2023 - December 2023 ​ 4,245,899 ​ $ 2.90 ​ $ 2.52 ​ $ 3.28 January 2024 - September 2024 ​ 2,418,128 ​ $ 4.30 ​ $ 4.15 ​ $ 4.45

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
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 Counterparty Netting ​ Total September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments held in trust ​ $ 238,412,777 ​ $ — ​ $ — ​ $ — ​ $ 238,412,777 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (25,353,543) ​ $ — ​ $ — ​ $ (25,353,543) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ — ​ $ 1,756,808 ​ $ — ​ $ — ​ $ 1,756,808 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (28,381,454) ​ $ — ​ $ — ​ $ (28,381,454)

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2022
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 ​ 2021 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 1,156,149,642 ​ $ 1,051,111,311 Unevaluated properties ​ ​ 48,689,818 ​ ​ 153,284,173 Less: accumulated depreciation, depletion and impairment ​ ​ (696,086,227) ​ ​ (663,603,142) Total oil and natural gas properties ​ $ 508,753,233 ​ $ 540,792,342

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
LEASES
Schedule of future minimum lease commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter Operating leases ​ $ 3,322,278 ​ $ 121,818 ​ $ 487,787 ​ $ 488,725 ​ $ 497,033 ​ $ 507,648 ​ $ 1,219,267 Less: Imputed Interest ​ (683,042) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,639,236 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

UNITHOLDERS' EQUITY AND PARTN_2

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Common units
Schedule of distributions approved by the Board of Directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Date ​ Unitholder ​ Payment ​ ​ Common Unit ​ Declared ​ Record Date ​ Date Q1 2022 ​ $ 0.47 ​ April 22, 2022 ​ May 2, 2022 ​ May 9, 2022 Q2 2022 ​ $ 0.55 ​ August 3, 2022 ​ August 15, 2022 ​ August 22, 2022 Q3 2022 ​ $ 0.49 ​ November 3, 2022 ​ November 14, 2022 ​ November 21, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​
Common Units
Common units
Schedule of changes in Partnership's units	​ ​ ​ ​ ​ ​ Common Units Balance at December 31, 2021 ​ 47,162,773 Conversion of Class B units ​ 9,400,000 Common units issued under the A&R LTIP (1) ​ 963,835 Restricted units repurchased for tax withholding ​ (193,604) Forfeiture of restricted units ​ (1,171) Balance at September 30, 2022 ​ 57,331,833 (1) Includes restricted units granted to certain employees, directors and consultants under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan on February 24, 2022.
Class B
Common units
Schedule of changes in Partnership's units	​ ​ ​ ​ ​ ​ Class B Units Balance at December 31, 2021 ​ 17,611,579 Conversion of Class B units ​ (9,400,000) Balance at September 30, 2022 ​ 8,211,579

EARNINGS (LOSS) PER COMMON UN_2

EARNINGS (LOSS) PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2022
EARNINGS (LOSS) PER COMMON UNIT
Schedule of earnings (loss) per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 Net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 38,343,786 ​ $ 1,837,579 ​ $ 83,536,606 ​ $ 2,624,532 Accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation ​ ​ — ​ ​ — ​ ​ (17,845,231) ​ ​ — Net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation ​ ​ 38,343,786 ​ ​ 1,837,579 ​ ​ 65,691,375 ​ ​ 2,624,532 Diluted net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation ​ ​ 38,343,786 ​ ​ 1,837,579 ​ ​ 65,691,375 ​ ​ 2,624,532 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 55,434,641 ​ ​ 41,106,157 ​ ​ 52,302,235 ​ ​ 39,383,172 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class B units ​ ​ 8,211,579 ​ ​ 17,611,579 ​ ​ 11,245,161 ​ ​ 19,253,448 Restricted units ​ ​ 1,897,192 ​ ​ 1,793,578 ​ ​ 1,850,067 ​ ​ 1,712,915 Diluted ​ ​ 65,543,412 ​ ​ 60,511,314 ​ ​ 65,397,463 ​ ​ 60,349,535 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per unit attributable to common units of Kimbell Royalty Partners, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.69 ​ $ 0.04 ​ $ 1.26 ​ $ 0.07 Diluted ​ $ 0.59 ​ $ 0.03 ​ $ 1.00 ​ $ 0.04

UNIT-BASED COMPENSATION (Tables

UNIT-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2021 ​ 1,560,899 ​ $ 11.108 1.775 years Awarded ​ 963,835 ​ ​ 15.820 ​ — Vested ​ (626,371) ​ ​ 10.944 ​ — Forfeited ​ (1,171) ​ ​ 15.820 ​ — Unvested at September 30, 2022 ​ 1,897,192 ​ $ 13.553 1.769 years

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)		9 Months Ended
	Feb. 08, 2022 USD ($)	Sep. 30, 2022 USD ($) segment	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Organization
Assets		$ 821,511,790			$ 601,486,852
Liabilities		247,767,367			252,637,071
Redeemable Noncontrolling Interest, Equity, Carrying Amount		236,900,000
Partners' Capital, Including Portion Attributable to Noncontrolling Interest		$ 336,844,423	$ 326,322,294	$ 312,651,228	$ 348,849,781	$ 291,556,236	$ 313,133,486	$ 324,999,380	$ 335,634,738
Segment Reporting
Number of operating units | segment		1
Number of reporting units | segment		1
Kimbell Tiger Acquisition Corporation
Organization
Assets		$ 239,100,000
Liabilities		8,500,000
Redeemable Noncontrolling Interest, Equity, Carrying Amount		236,900,000
Kimbell Tiger Acquisition Corporation and Kimbell Tiger Acquisition Sponsor Llc
Organization
Assets		239,100,000
Liabilities		8,500,000
Redeemable Noncontrolling Interest, Equity, Carrying Amount		236,900,000
Partners' Capital, Including Portion Attributable to Noncontrolling Interest		17,800,000
Stockholders' Equity Attributable to Noncontrolling Interest		$ 2,600,000
IPO | Kimbell Tiger Acquisition Corporation
Organization
Common units sold to public	$ 230,000,000

ACQUISITIONS, JOINT VENTURE A_2

ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY - Acquisitions (Details)					1 Months Ended	9 Months Ended
	Apr. 29, 2022 USD ($)	Feb. 08, 2022 USD ($) $ / shares shares	Dec. 07, 2021 USD ($) item	Jul. 29, 2021 USD ($) $ / shares	May 31, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Jun. 19, 2019
Acquisitions
Investments						$ 1,161,255	$ 4,738,822
Stock split conversion ratio					1
Assets Held-in-trust						238,400,000
Redeemable noncontrolling interest carrying amount						$ 236,900,000
Business Combination, Number of Business Days						10
Interest Payable for Dissolution Expenses						$ 100,000
Assets						821,511,790	601,486,852
Liabilities						247,767,367	$ 252,637,071
Purchase and sale agreement | Royalty, mineral and overriding interests
Acquisitions
Total purchase price	$ 14,800,000
Net proceeds realized	$ 6,400,000
Kimbell Tiger Acquisition Corporation
Acquisitions
Common units issued for equity offering (in units) | shares		23,000,000
Share price (in dollar per share) | $ / shares		$ 10
Warrant share price (in dollar per share) | $ / shares		$ 11.50
Assets Held-in-trust						$ 236,900,000
Redemption price per share | $ / shares						$ 10.30
Redeemable noncontrolling interest carrying amount						$ 236,900,000
Stock issuance costs				$ 12,650,000		12,700,000
Deferred underwriting commissions				$ 8,050,000
Proceeds from Issuance of Common Stock		$ 230,000,000
Threshold Period to Complete Business Combination After Initial Public Offerings		15 months
Assets						239,100,000
Liabilities						8,500,000
Kimbell Tiger Acquisition Corporation | Other Liabilities
Acquisitions
Deferred underwriting commissions						$ 8,100,000
Kimbell Tiger Acquisition Sponsor, LLC
Acquisitions
Common units issued for equity offering					$ 25,000
Number of units received during period | shares					100
Kimbell Tiger Acquisition Sponsor, LLC | Private Placement Warrants
Acquisitions
Warrant share price (in dollar per share) | $ / shares		$ 1
Class of warrant or right issued | shares		14,100,000
Gross proceeds from issuance of warrants		$ 14,100,000
Kimbell Tiger Operating Company | Capital Unit Class A
Acquisitions
Number of units issued, shares | shares					2,500
Number of units issued, value					$ 25,000
Kimbell Tiger Operating Company | Capital Unit Class B
Acquisitions
Number of units issued, shares | shares					5,750,000
Number of units issued, value					$ 1,000
Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP.
Acquisitions
Ownership interest (as a percent)								49.30%
Kimbell Tiger Acquisition Corporation
Acquisitions
Ownership interest (as a percent)						20%
Redeemable noncontrolling interest percentage						80%
Underwriters option to purchase additional units | Kimbell Tiger Acquisition Corporation
Acquisitions
Common units issued for equity offering (in units) | shares		3,000,000
Class A | Kimbell Tiger Acquisition Corporation
Acquisitions
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares		1
Class A | Kimbell Tiger Acquisition Sponsor, LLC
Acquisitions
Common units issued for equity offering (in units) | shares					2,500
Class A | Kimbell Tiger Acquisition Sponsor, LLC | Private Placement Warrants
Acquisitions
Warrant share price (in dollar per share) | $ / shares		$ 11.50
Class A | Kimbell Tiger Acquisition Corporation
Acquisitions
Common Stock par value (in dollars per share) | $ / shares				$ 0.0001
Class B | Kimbell Tiger Acquisition Sponsor, LLC
Acquisitions
Common units issued for equity offering (in units) | shares					5,750,100
Common Stock par value (in dollars per share) | $ / shares					$ 0.0001
Caritas Royalty Fund, LLC
Acquisitions
Transaction value of acquisition			$ 54,600,000
Number of gross producing wells being operated. | item			26,000
Scenario One [Member]
Acquisitions
Business Combination Completion Term						15 months
Scenario Two [Member]
Acquisitions
Business Combination Completion Term						18 months
Scenario Three [Member]
Acquisitions
Business Combination Completion Term						21 months

DERIVATIVES (Details)

DERIVATIVES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) $ / bbl MMBbls	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / bbl MMBbls	Sep. 30, 2021 USD ($)	May 17, 2022	Dec. 31, 2021 USD ($)	Jan. 27, 2021 USD ($)
Derivatives
Daily oil and natural gas production (as a percent)	25%		25%
Change in fair values of derivative instruments
Beginning fair value of commodity derivative instruments | $	$ (38,741,643)	$ (29,998,417)	$ (26,624,646)	$ (6,280,863)
Loss on derivative instruments | $	(1,022,399)	(17,676,825)	(35,456,734)	(45,615,784)
Net cash paid (received) on settlements of derivative instruments | $	14,410,499	6,425,055	36,727,837	10,646,460
Ending fair value of commodity derivative instruments | $	(25,353,543)	(41,250,187)	(25,353,543)	(41,250,187)
Assets:
Current assets | $						$ 166,307
Long-term assets | $						1,590,501
Liabilities:
Current liability | $	(23,477,833)		(23,477,833)			(24,190,678)
Long-term liability | $	(1,875,710)		(1,875,710)			(4,190,776)
Derivative assets (liabilities) | $	(25,353,543)	$ (41,250,187)	(25,353,543)	$ (41,250,187)		(26,624,646)
Interest Rate Swap
Derivatives
Derivative, Notional Amount | $							$ 150,000,000
Unwind notional amount (as a percent)					50%
Change in fair values of derivative instruments
Gain on interest rate swap | $	$ 3,400,000		$ 6,400,000
Liabilities:
Derivative Asset | $						$ 1,756,808
Oil Price Swaps - October 2022 - December 2022
Derivatives
Notional Volumes | MMBbls	109,388		109,388
Weighted Average Fixed Price	46		46
Oil Price Swaps - January 2023 - December 2023
Derivatives
Notional Volumes | MMBbls	303,411		303,411
Weighted Average Fixed Price	59.35		59.35
Oil Price Swaps - January 2024 - September 2024
Derivatives
Notional Volumes | MMBbls	159,596		159,596
Weighted Average Fixed Price	76.34		76.34
Natural Gas Price Swaps - October 2022 - December 2022
Derivatives
Notional Volumes | MMBbls	1,383,496		1,383,496
Weighted Average Fixed Price	2.58		2.58
Natural Gas Price Swaps - January 2023 - December 2023
Derivatives
Notional Volumes | MMBbls	4,245,899		4,245,899
Weighted Average Fixed Price	2.90		2.90
Natural Gas Price Swaps - January 2024 - September 2024
Derivatives
Notional Volumes | MMBbls	2,418,128		2,418,128
Weighted Average Fixed Price	4.30		4.30
Minimum | Oil Price Swaps - October 2022 - December 2022
Derivatives
Weighted Average Fixed Price	46		46
Minimum | Oil Price Swaps - January 2023 - December 2023
Derivatives
Weighted Average Fixed Price	53.38		53.38
Minimum | Oil Price Swaps - January 2024 - September 2024
Derivatives
Weighted Average Fixed Price	69.30		69.30
Minimum | Natural Gas Price Swaps - October 2022 - December 2022
Derivatives
Weighted Average Fixed Price	2.58		2.58
Minimum | Natural Gas Price Swaps - January 2023 - December 2023
Derivatives
Weighted Average Fixed Price	2.52		2.52
Minimum | Natural Gas Price Swaps - January 2024 - September 2024
Derivatives
Weighted Average Fixed Price	4.15		4.15
Maximum | Oil Price Swaps - October 2022 - December 2022
Derivatives
Weighted Average Fixed Price	46		46
Maximum | Oil Price Swaps - January 2023 - December 2023
Derivatives
Weighted Average Fixed Price	63		63
Maximum | Oil Price Swaps - January 2024 - September 2024
Derivatives
Weighted Average Fixed Price	82.40		82.40
Maximum | Natural Gas Price Swaps - October 2022 - December 2022
Derivatives
Weighted Average Fixed Price	2.58		2.58
Maximum | Natural Gas Price Swaps - January 2023 - December 2023
Derivatives
Weighted Average Fixed Price	3.28		3.28
Maximum | Natural Gas Price Swaps - January 2024 - September 2024
Derivatives
Weighted Average Fixed Price	4.45		4.45

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Commodity Derivative contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative contracts	$ 25,353,543
Derivative contracts liabilities		$ (28,381,454)
Commodity Derivative contract | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative contracts	25,353,543
Derivative contracts liabilities		(28,381,454)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets		1,756,808
Interest Rate Swap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets		$ 1,756,808
Assets Held In Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	238,412,777
Assets Held In Trust | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	$ 238,412,777

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
OIL AND NATURAL GAS PROPERTIES
Proved properties	$ 1,156,149,642		$ 1,156,149,642		$ 1,051,111,311
Unevaluated properties	48,689,818		48,689,818		153,284,173
Less: accumulated depreciation, depletion, and impairment	(696,086,227)		(696,086,227)		(663,603,142)
Total oil and natural gas properties, net	508,753,233		508,753,233		$ 540,792,342
Impairment of oil and natural gas properties	$ 0	$ 0	$ 0	$ 0

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended		21 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
LEASES
Operating lease weighted average remaining lease term	6 years 7 months 9 days		6 years 7 months 9 days
Operating lease weighted average discount rate (as a percent)	6.75%		6.75%
Operating lease expense	$ 100,000	$ 100,000	$ 400,000
2022	121,818		121,818
2023	487,787		487,787
2024	488,725		488,725
2025	497,033		497,033
2026	507,648		507,648
Thereafter	1,219,267		1,219,267
Total operating leases	3,322,278		3,322,278
Less Imputed Interest	(683,042)		(683,042)
Total	$ 2,639,236		$ 2,639,236

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 07, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 08, 2020	Feb. 08, 2017
Long-term debt
Amortization of Debt Issuance Costs			$ 1,381,717	$ 1,148,066
Borrowings of debt			43,200,000	40,559,459
Repayment of debt			56,400,000	$ 19,400,000
Revolving credit facility
Long-term debt
Revolving credit facility maximum borrowings	$ 300,000,000				$ 275,000,000
Revolving credit facility outstanding		$ 203,900,000	$ 203,900,000
Interest rate on outstanding borrowings (as a percent)		5.54%	4.79%
Borrowings of debt			$ 43,200,000
Revolving credit facility | Prime
Long-term debt
Margin (as a percent)			2.50%
Revolving credit facility | SOFR
Long-term debt
Margin (as a percent)			3.50%
Revolving credit facility | SOFR - One Month
Long-term debt
Margin (as a percent)	0.10%
Revolving credit facility | SOFR - Three Month
Long-term debt
Margin (as a percent)	0.15%
Revolving credit facility | SOFR - Six Month
Long-term debt
Margin (as a percent)	0.25%
Revolving credit facility | Maximum
Long-term debt
Debt to EBITDAX ratio						350%
Revolving credit facility | Minimum
Long-term debt
Current assets to current liabilities ratio						100%

PREFERRED UNITS - Other (Detail

PREFERRED UNITS - Other (Details) - USD ($)				1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 07, 2021	Jul. 07, 2021	Feb. 12, 2020	Jul. 31, 2018	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022
Preferred units
Series A preferred units deemed distributions					$ 4,849,996	$ 1,577,968	$ 1,577,968
Series A Preferred Units
Preferred units
Redemption of Series A preferred units	25,000	30,000	55,000
Percentage of Series A preferred units redeemed		55%	50%
Unit price (in dollars per unit)	$ 1,240.25	$ 1,202.51	$ 1,110.72
Series A preferred units redemption price	$ 31,000,000	$ 36,100,000	$ 61,100,000
Deemed distribution amount									$ 5,700,000
Series A preferred units deemed distributions								$ 3,800,000
Temporary equity, outstanding (in units)		25,000						0		0
Series A Preferred Units | Minimum
Preferred units
Percent of consideration transferred to carrying value of units (as a percent)			50%
Percent of consideration transferred to original intrinsic value of units (as a percent)			50%
Series A Preferred Stock
Preferred units
Series A preferred units deemed distributions								$ 3,600,000
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

UNITHOLDERS' EQUITY AND PARTN_3

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended						9 Months Ended
	Nov. 30, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Common units
Units issued (in units)		57,331,833						57,331,833		47,162,773
Units outstanding (in units)		57,331,833						57,331,833		47,162,773
Repayment of debt								$ 56,400,000	$ 19,400,000
Capital rollforward
Unitholders' capital, beginning balance (in units)				47,162,773				47,162,773
Unitholders' capital, ending balance (in units)		57,331,833						57,331,833
Cash distributions declared and paid (in dollars per unit)		$ 0.49	$ 0.55	$ 0.47	$ 0.37	$ 0.31	$ 0.27
Common Units
Common units
Units issued (in units)		57,331,833						57,331,833
Units outstanding (in units)		57,331,833						57,331,833		47,162,773
Capital rollforward
Unitholders' capital, beginning balance (in units)				47,162,773				47,162,773
Conversion of Class B Units (in units)								9,400,000
Common units issued under the LTIP (in units)								963,835
Restricted units repurchased for tax withholding (in units)								(193,604)
Forfeiture of restricted units (in units)								(1,171)
Unitholders' capital, ending balance (in units)		57,331,833						57,331,833
Class B
Common units
Units outstanding (in units)		8,211,579						8,211,579		17,611,579
Capital rollforward
Unitholders' capital, beginning balance (in units)				17,611,579				17,611,579
Conversion of Class B Units (in units)								(9,400,000)
Unitholders' capital, ending balance (in units)		8,211,579						8,211,579
Cash distributions (as a percent)								2%
Class B Common Units
Common units
Units outstanding (in units)		8,211,579						8,211,579
Capital rollforward
Unitholders' capital, ending balance (in units)		8,211,579						8,211,579
Additional consideration paid per unit (in dollars per unit)								$ 0.05
Public Offering
Common units
Units issued (in units)	4,312,500
Proceeds from equity offering	$ 57,700,000
Repayment of debt	$ 56,000,000

EARNINGS (LOSS) PER COMMON UN_3

EARNINGS (LOSS) PER COMMON UNIT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per unit
Net income attributable to common units of Kimbell Royalty Partners, LP	$ 38,343,786	$ 1,837,579	$ 83,536,606	$ 2,624,532
Accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation.			(17,845,231)
Net loss attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation	38,343,786	1,837,579	65,691,375	2,624,532
Net income and distributions and accretion on Series A preferred units attributable to noncontrolling interest	5,493,117	761,311	11,975,886	1,024,655
Diluted net loss attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation	$ 38,343,786	$ 1,837,579	$ 65,691,375	$ 2,624,532
Weighted average number of common units outstanding Basic (in units)	55,434,641	41,106,157	52,302,235	39,383,172
Weighted average number of common units outstanding Diluted (in units)	65,543,412	60,511,314	65,397,463	60,349,535
Net loss per unit attributable to common units (basic) (in dollar per share)	$ 0.69	$ 0.04	$ 1.26	$ 0.07
Net loss per unit attributable to common units (diluted) (in dollar per share)	$ 0.59	$ 0.03	$ 1	$ 0.04
Restricted Units
Earnings per unit
Weighted average number of common units outstanding (in units)	1,897,192	1,793,578	1,850,067	1,712,915
Class B
Earnings per unit
Weighted average number of common units outstanding (in units)	8,211,579	17,611,579	11,245,161	19,253,448

UNIT-BASED COMPENSATION (Detail

UNIT-BASED COMPENSATION (Details) - Long-Term Incentive Plan - $ / shares		9 Months Ended	12 Months Ended
	May 18, 2022	Sep. 30, 2022	Dec. 31, 2021
Unit-based compensation
Additional common units authorized for issuance	3,700,000
Vesting period		3 years
Authorized issuance of units	8,241,600
First Anniversary
Unit-based compensation
Vesting percent		33.30%
Second Anniversary
Unit-based compensation
Vesting percent		33.30%
Third Anniversary
Unit-based compensation
Vesting percent		33.30%
Restricted Units
Unvested Units
Unvested at beginning of period (in units)		1,560,899
Awarded (in units)		963,835
Vesting (in units)		(626,371)
Forfeited (in units)		(1,171)
Unvested at end of period (in units)		1,897,192	1,560,899
Unvested Weighted Average Grant-Date Fair Value
Unvested at beginning of period (in dollars per unit)		$ 11.108
Awarded (in dollars per unit)		15.820
Vesting (in dollars per unit)		10.944
Forfeited (in dollars per unit)		15.820
Unvested at end of period (in dollars per unit)		$ 13.553	$ 11.108
Weighted Average Remaining Contractual Term
Unvested contractual term, at end of period		1 year 9 months 6 days	1 year 9 months 9 days

INCOME TAXES - (Details)

INCOME TAXES - (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
INCOME TAXES
(Benefit from) provision for income taxes	$ 224,883	$ (1,850,357)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions
Due from related parties	$ 25,000		$ 25,000
Revenue from related parties	75,000		193,750
BJF Royalties
Related Party Transactions
Payments made to related parties	0	$ 0	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			41,251
Duncan Management
Related Party Transactions
Payments made to related parties			$ 75,090

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)			9 Months Ended
	Nov. 03, 2022	Apr. 29, 2022	Sep. 30, 2022	Sep. 30, 2021
Subsequent events
Distributions to Class B unitholders			$ 34,032	$ 59,170
Purchase and sale agreement | Royalty, mineral and overriding interests
Subsequent events
Total purchase price		$ 14,800,000
Net proceeds realized		$ 6,400,000
Subsequent Event | Common Units
Subsequent events
Cash distributions declared (in dollars per unit)	$ 0.49
Operating Company | Subsequent Event
Subsequent events
Cash distributions declared (in dollars per unit)	0.509479
Distribution paid corresponding to tax payment (in dollars per unit)	$ 0.019479