Kimbell Royalty Partners (KRP) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001657788
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Units
Document Information
Entity Common Stock, Shares Outstanding		64,950,333
Class B
Document Information
Entity Common Stock, Shares Outstanding		15,484,400

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 19,077,381	$ 24,635,718
Oil, natural gas and NGL receivables	35,935,697	46,993,711
Accounts receivable and other current assets	3,049,100	3,562,912
Total current assets	58,062,178	75,192,341
Property and equipment, net	865,878	953,781
Oil and natural gas properties
Oil and natural gas properties, using full cost method of accounting ($100,758,383 and $207,695,343 excluded from depletion at March 31, 2023 and December 31, 2022, respectively)	1,466,267,562	1,465,985,718
Less: accumulated depreciation, depletion and impairment	(730,184,148)	(712,716,951)
Total oil and natural gas properties, net	736,083,414	753,268,767
Right-of-use assets, net	2,442,166	2,525,323
Derivative assets	2,455,737	754,786
Loan origination costs, net	2,488,006	3,004,104
Investments held in trust	243,100,000	240,600,000
Total assets	1,045,638,224	1,076,746,299
Current liabilities
Accounts payable	919,816	1,210,337
Other current liabilities	5,165,036	4,909,510
Derivative liabilities	2,056,242	12,646,720
Total current liabilities	8,141,094	18,766,567
Operating lease liabilities, excluding current portion	2,151,343	2,236,361
Derivative liabilities	223,970	432,142
Long-term debt	223,915,911	233,015,911
Other liabilities	291,667	322,917
Total liabilities	243,639,231	263,336,623
Commitments and contingencies (Note 14)
Mezzanine equity:
Redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation	236,900,000	236,900,000
Kimbell Royalty Partners, LP unitholders' equity:
Common units (64,950,333 units and 64,231,833 units issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	592,304,290	601,841,776
Class B units (15,484,400 units issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	774,220	774,220
Total Kimbell Royalty Partners, LP unitholders' equity	593,078,510	602,615,996
Non-controlling deficit in OpCo	(27,979,517)	(26,106,320)
Total equity	565,098,993	576,509,676
Total liabilities, mezzanine equity and unitholders' equity	1,045,638,224	1,076,746,299
Consolidated variable interest entities
Oil and natural gas properties
Cash	100,930	390,850
Investments held in trust	243,059,983	240,621,146
Prepaid expenses	79,932	35,201
Current liabilities
Other current liabilities	865,246	512,725
Deferred underwriting commissions	$ 8,050,000	$ 8,050,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Oil and natural gas properties excluded from depletion	$ 100,758,383	$ 207,695,343
Common units, issued (in units)	64,950,333	64,231,833
Common units, outstanding (in units)	64,950,333	64,231,833
Class B units, issued (in units)	15,484,400	15,484,400
Class B units, outstanding (in units)	15,484,400	15,484,400

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gain (loss) on commodity derivative instruments, net	$ 9,062,376	$ (31,983,520)
Total revenues	66,916,472	33,754,513
Costs and expenses
Production and ad valorem taxes	4,277,204	4,020,911
Depreciation and depletion expense	17,563,648	10,759,164
Impairment of oil and natural gas properties	0	0
Marketing and other deductions	2,762,039	3,508,066
General and administrative expense	8,278,267	6,589,259
Total costs and expenses	33,589,384	25,616,859
Operating income	33,327,088	8,137,654
Other income (expense)
Equity income in affiliate		249,408
Interest expense	(5,463,404)	(2,877,855)
Other income		3,068,450
Net income before income taxes	30,302,521	8,679,043
Income tax expense	1,402,983	271,799
Net income	28,899,538	8,407,244
Net income attributable to non-controlling interests in OpCo	(5,563,418)	(1,058,677)
Distribution on Class B units	(15,484)	(17,610)
Net income attributable to common units of Kimbell Royalty Partners, LP	$ 23,320,636	$ 7,330,957
Net income (loss) per unit attributable to common units of Kimbell Royalty Partners, LP
Net income (loss) per unit attributable to common units (basic) (in dollar per share)	$ 0.37	$ (0.20)
Net income (loss) per unit attributable to common units (diluted) (in dollar per share)	$ 0.36	$ (0.20)
Weighted average number of common units outstanding
Weighted average number of common units outstanding Basic (in units)	62,541,565	45,942,829
Weighted average number of common units outstanding Diluted (in units)	79,757,979	45,942,829
Consolidated variable interest entities
Costs and expenses
General and administrative expense	$ 708,226	$ 739,459
Other income (expense)
Interest earned on marketable securities in trust account	2,438,837	101,386
Oil, natural gas and NGL revenues
Revenue	57,416,759	65,083,903
Lease bonus and other income
Revenue	$ 437,337	$ 654,130

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS' EQUITY - USD ($)	Common Units	Class B Common Units	Non-controlling Interest in Opco	Non-controlling Interest in TGR	Total
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
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 non-controlling 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, 2022					602,615,996
Unitholders' capital, beginning balance at Dec. 31, 2022	$ 601,841,776	$ 774,220	(26,106,320)		$ 576,509,676
Unitholders' capital, beginning balance (in units) at Dec. 31, 2022	64,231,833	15,484,400			64,231,833
Increase (Decrease) in Unitholders' Capital
Restricted units repurchased for tax withholding	$ (4,851,962)				$ (4,851,962)
Restricted units repurchased for tax withholding (in units)	(279,662)
Unit-based compensation	$ 3,170,000				3,170,000
Unit-based compensation (in units)	998,162
Distributions to unitholders	$ (31,176,160)		(7,436,615)		(38,612,775)
Distribution on Class B units	(15,484)				(15,484)
Net income	23,336,120		5,563,418		28,899,538
Unitholders' capital, ending balance at Mar. 31, 2023					593,078,510
Unitholders' capital, ending balance at Mar. 31, 2023	$ 592,304,290	$ 774,220	$ (27,979,517)		$ 565,098,993
Unitholders' capital, ending balance (in units) at Mar. 31, 2023	64,950,333	15,484,400			64,950,333

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 28,899,538	$ 8,407,244
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and depletion expense	17,563,648	10,759,164
Impairment of oil and natural gas properties	0	0
Amortization of right-of-use assets	83,157	78,025
Amortization of loan origination costs	516,098	442,399
Equity income in affiliate		(249,408)
Cash distribution from affiliate		385,326
Unit-based compensation	3,170,000	2,194,342
(Gain) loss on derivative instruments, net of settlements	(12,499,601)	18,680,995
Changes in operating assets and liabilities:
Oil, natural gas and NGL receivables	11,058,014	(6,409,027)
Accounts receivable and other current assets	513,812	730,660
Accounts payable	(290,521)	1,082,653
Other current liabilities	255,526	463,173
Operating lease liabilities	(85,018)	(79,246)
Net cash provided by operating activities	47,053,606	36,032,473
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(39,798)	(43,628)
Purchase of oil and natural gas properties	(281,844)	(410,257)
Cash distribution from affiliate		42,544
Net cash used in investing activities	(321,642)	(237,311,341)
CASH FLOWS FROM FINANCING ACTIVITIES
Costs associated with equity offering		(325,508)
Redemption of Class B contributions on converted units		(467,896)
Distributions to common unitholders	(31,176,160)	(17,450,226)
Distribution to OpCo unitholders	(7,436,615)	(6,516,284)
Distribution on Class B units	(15,484)	(17,610)
Borrowings on long-term debt	4,000,000	19,100,000
Repayments on long-term debt	(13,100,000)	(9,700,000)
Payment of loan origination costs		(170,196)
Restricted units repurchased for tax withholding	(4,851,962)	(3,344,828)
Net cash (used in) provided by financing activities	(52,580,221)	207,768,223
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(5,848,257)	6,489,355
CASH AND CASH EQUIVALENTS, beginning of period	25,026,568	7,052,414
CASH AND CASH EQUIVALENTS, end of period	19,178,311	13,541,769
Supplemental cash flow information:
Cash paid for interest	5,106,816	2,240,972
Non-cash investing and financing activities:
Recognition of tenant improvement asset	31,250	31,250
Consolidated variable interest entities
Changes in operating assets and liabilities:
Interest earned on marketable securities in trust account	(2,438,837)	(101,386)
Other assets and liabilities	307,790	(352,441)
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		(924,229)
Proceeds from initial public offering of Kimbell Tiger Operating Company		227,585,000
CASH AND CASH EQUIVALENTS, end of period	$ 100,930	2,953,876
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 ($)	Mar. 31, 2023	Mar. 31, 2022
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	$ 19,178,311	$ 13,541,769
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	100,930	2,953,876
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	$ 19,077,381	$ 10,587,893

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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. 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 $243.2 million of assets, $8.9 million of liabilities, $236.9 million of redeemable non-controlling interests and $17.4 million of common equity and $3.0 million of non-controlling interests related to TGR and TGR Sponsor as of March 31, 2023. Further details on the impact of the consolidation of TGR and TGR Sponsor can be found in Note 3—Acquisitions, Joint Venture and Special Purpose Acquisition Company. 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, 2022 (the “2022 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 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. To date, the Partnership has not experienced a material impact to operations or the consolidated financial statements as a result of the invasion of Ukraine; however, the Partnership will continue to monitor for events that could materially impact them.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 2022 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 months ended March 31, 2023 . 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 March 31, 2023. New Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01, “Leases (Topic 842): Common Control Arrangements.” This update requires that (i) entities determine whether a related party arrangement between entities under common control is a lease and (ii) that leasehold improvements have an amortization period consistent with the shorter of the remaining lease term and the useful life of the improvements, which is an approach that is largely consistent with legacy guidance. This update is effective for financial statements issued for fiscal years beginning after December 15, 2023, including interim periods within that fiscal year. The Partnership is currently evaluating the impact of the adoption of this update, but does not believe it will have a material impact on its financial position, results of operations or liquidity.

ACQUISITIONS, JOINT VENTURE AND

ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY	3 Months Ended
	Mar. 31, 2023
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 15, 2022, Hatch Royalty LLC (the “Hatch Acquisition”). 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%. During the year ended December 31, 2022, the Joint Venture completed the sale of its royalty, mineral and overriding interests and similar non-cost bearing interests in oil and gas properties for a total purchase price of $15.0 million. Net proceeds distributed to the Partnership were $6.5 million during the year ended December 31, 2022, the majority of which was used to repay debt on the Partnership’s secured revolving credit facility. The Joint Venture was dissolved on November 1, 2022. 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 sheets at March 31, 2023 and December 31, 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 $243.1 million and $240.6 million on the accompanying consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. 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 March 31, 2023, 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 March 31, 2023, 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 $243.2 million and total liabilities are $8.9 million as of March 31, 2023. 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	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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 March 31, 2023, these economic hedges constituted approximately 15% 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 the fair value consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Beginning fair value of derivative instruments ​ $ (12,324,076) ​ $ (26,624,646) Gain (loss) on derivative instruments ​ ​ 9,062,376 ​ ​ (28,238,415) Net cash paid on settlements of derivative instruments ​ ​ 3,437,225 ​ ​ 9,557,420 Ending fair value of derivative instruments ​ $ 175,525 ​ $ (45,305,641) ​ The following table presents the fair value of the Partnership’s derivative contracts for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Classification ​ Balance Sheet Location ​ 2023 ​ 2022 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ Derivative assets ​ $ — ​ $ — Long-term assets ​ Derivative assets ​ ​ 2,455,737 ​ ​ 754,786 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (2,056,242) ​ ​ (12,646,720) Long-term liabilities ​ Derivative liabilities ​ ​ (223,970) ​ ​ (432,142) ​ ​ ​ ​ $ 175,525 ​ $ (12,324,076) ​ As of March 31, 2023, 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 April 2023 - December 2023 ​ 211,557 ​ $ 61.94 ​ $ 61.16 ​ $ 63.00 January 2024 - December 2024 ​ 228,044 ​ $ 74.44 ​ $ 69.30 ​ $ 82.40 January 2025 - March 2025 ​ 71,640 ​ $ 66.31 ​ $ 66.31 ​ $ 66.31 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High April 2023 - December 2023 ​ 3,041,591 ​ $ 2.97 ​ $ 2.52 ​ $ 3.28 January 2024 - December 2024 ​ 3,229,292 ​ $ 4.34 ​ $ 4.15 ​ $ 4.48 January 2025 - March 2025 ​ 848,070 ​ $ 4.37 ​ $ 4.37 ​ $ 4.37 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 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 months ended March 31, 2023 and 2022. 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. The Partnership’s commodity derivative instruments 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 March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 2,455,737 ​ $ — ​ $ — ​ $ 2,455,737 Investments held in trust ​ $ 243,059,983 ​ $ — ​ $ — ​ $ — ​ $ 243,059,983 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (2,280,212) ​ $ — ​ $ — ​ $ (2,280,212) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 754,786 ​ $ — ​ $ — ​ $ 754,786 Investments held in trust ​ $ 240,621,146 ​ $ — ​ $ — ​ $ — ​ $ 240,621,146 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (13,078,862) ​ $ — ​ $ — ​ $ (13,078,862) ​

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	3 Months Ended
	Mar. 31, 2023
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 1,365,509,179 ​ $ 1,258,290,375 Unevaluated properties ​ ​ 100,758,383 ​ ​ 207,695,343 Less: accumulated depreciation, depletion and impairment ​ ​ (730,184,148) ​ ​ (712,716,951) Total oil and natural gas properties ​ $ 736,083,414 ​ $ 753,268,767 ​ The Partnership assesses all unevaluated properties on a periodic basis for possible impairment. The Partnership assesses properties on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of the following factors, among others: economic and market conditions, operators’ intent to drill, remaining lease term, geological and geophysical evaluations, operators’ drilling results and activity, the assignment of proved reserves and the economic viability of operator development if proved reserves are assigned. Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves is able to be made. During any period in which these factors indicate an impairment, all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization and to the full cost ceiling test. The Partnership did not record an impairment on its oil and natural gas properties for the three months ended March 31, 2023 or 2022.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 is 6.13 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 three months ended March 31, 2023. 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 months ended March 31, 2023 and 2022. The total operating lease expense recorded for both the three months ended March 31, 2023 and 2022 was $0.1 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 March 31, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Operating leases ​ $ 3,078,437 ​ $ 365,764 ​ $ 488,725 ​ $ 497,033 ​ $ 507,648 ​ $ 511,917 ​ $ 707,350 Less: Imputed Interest ​ (596,369) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,482,068 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2023
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 8—LONG-TERM DEBT On December 15, 2022, the Partnership entered into Amendment No. 4 (the “Fourth 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, that certain Amendment No. 2 to Credit Agreement, dated as of December 8, 2020, and that certain Amendment No. 3 to Credit Agreement, dated as of June 7, 2022 and as otherwise amended or modified prior to such date, the “Credit Agreement” and the Credit Agreement, as amended by the Fourth 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 Fourth Credit Agreement Amendment amended the Credit Agreement to, among other things, (i) increase the aggregate elected commitments under the Amended Credit Agreement’s senior secured revolving credit facility (the “Credit Facility”) and (ii) the borrowing base under the Credit Facility, in each case, from $300.0 million to $350.0 million. The Partnerships senior secured revolving credit facility is collateralized by its oil and natural gas properties and the oil and natural gas properties of the Partnership’s wholly owned subsidiaries. The borrowing base will be redetermined semi-annually on or about May 1 and November 1 of each year, beginning May 1, 2023, based on the value of the Partnership’s oil and natural gas properties and the oil and natural gas properties of the Partnership’s wholly owned subsidiaries. The May borrowing base redetermination is currently being conducted and is expected to be finalized by the end of May 2023. 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 (as defined in the secured revolving credit facility) 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 three months ended March 31, 2023, the Partnership borrowed an additional $4.0 million under the secured revolving credit facility and repaid approximately $13.1 million of the outstanding borrowings. As of March 31, 2023, the Partnership’s outstanding balance was $223.9 million. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of March 31, 2023. As of March 31, 2023, 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 months ended March 31, 2023, the weighted average interest rate on the Partnership’s outstanding borrowings was 8.26%.

UNITHOLDERS' EQUITY AND PARTNER

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2023
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	NOTE 9—UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS The Partnership has issued units representing limited partner interests. As of March 31, 2023, the Partnership had a total of 64,950,333 common units issued and outstanding In November 2022, the Partnership completed an underwritten public offering of 6,900,000 common units for net proceeds of approximately $117.0 million (the “2022 Equity Offering”). The Partnership used the net proceeds from the 2022 Equity Offering to purchase OpCo common units. The Operating Company in turn used the net proceeds to repay approximately $116.0 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, 2022 ​ 64,231,833 Common units issued under the A&R LTIP (1) ​ 998,162 Restricted units repurchased for tax withholding ​ (279,662) Balance at March 31, 2023 ​ 64,950,333 (1) Includes restricted units granted to certain employees and directors under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan on February 21, 2023. 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 2023 ​ $ 0.35 ​ May 3, 2023 ​ May 15, 2023 ​ May 22, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2022 ​ $ 0.47 ​ April 22, 2022 ​ May 2, 2022 ​ May 9, 2022 ​ 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	3 Months Ended
	Mar. 31, 2023
EARNINGS (LOSS) PER COMMON UNIT
EARNINGS (LOSS) PER COMMON UNIT	NOTE 10—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 11) 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 A&R 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 March 31, ​ ​ 2023 ​ 2022 Net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 23,320,636 ​ $ 7,330,957 Accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation ​ ​ — ​ ​ (16,325,799) Net income (loss) attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation ​ ​ 23,320,636 ​ ​ (8,994,842) Net income attributable to non-controlling interests in OpCo and distribution on Class B units ​ ​ 5,578,902 ​ ​ — Diluted net income (loss) attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation ​ ​ 28,899,538 ​ ​ (8,994,842) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ Basic ​ ​ 62,541,565 ​ ​ 45,942,829 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Class B units ​ ​ 15,484,400 ​ ​ — Restricted units ​ ​ 1,732,014 ​ ​ — Diluted ​ ​ 79,757,979 ​ ​ 45,942,829 ​ ​ ​ ​ ​ ​ ​ Net income (loss) per unit attributable to common units of Kimbell Royalty Partners, LP ​ ​ ​ ​ ​ ​ Basic ​ $ 0.37 ​ $ (0.20) Diluted ​ $ 0.36 ​ $ (0.20) ​ The calculation of diluted net income per share for the three months ended March 31, 2023 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. The calculation of diluted net loss per share for the three months ended March 31, 2022 excludes the conversion of Class B units to common units and 1,753,986 units of unvested restricted units because their inclusion in the calculation would be anti-dilutive.

UNIT-BASED COMPENSATION

UNIT-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION	NOTE 11—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 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, 2022 ​ 1,897,192 ​ $ 13.553 1.517 years Awarded ​ 998,162 ​ ​ 15.020 ​ — Vested ​ (943,924) ​ ​ 12.602 ​ — Unvested at March 31, 2023 ​ 1,951,430 ​ $ 14.763 2.278 years ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 12—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 expense of $1.4 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 13—RELATED PARTY TRANSACTIONS The Partnership currently has a management services agreement with Kimbell Operating, which has separate services agreements with each of BJF Royalties, LLC (“BJF Royalties”) 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. During the three months ended March 31, 2023, no monthly services fee was paid to BJF Royalties. During the three months ended March 31, 2023, the Partnership made payments to K3 Royalties in the amount of $30,000. The Partnership received $56,242 in reimbursements from Rivercrest Capital Management, LLC for shared operating expenses for the three months ended March 31, 2023. 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 months ended March 31, 2023, TGR incurred $75,000 as part of this service agreement. Such fees are eliminated in consolidation.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 14—COMMITMENTS AND CONTINGENCIES During the normal course of business, the Partnership may experience situations where disagreements occur relating to the ownership of certain mineral or overriding royalty interest acreage. Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Partnership’s financial condition, results of operations or liquidity as of March 31, 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15—SUBSEQUENT EVENTS The Partnership has evaluated events that occurred subsequent to March 31, 2023 in the preparation of its unaudited interim consolidated financial statements. Distributions On May 3, 2023, the Board of Directors declared a quarterly cash distribution of $0.35 per common unit and $0.346516 per OpCo common unit for the quarter ended March 31, 2023. The Partnership intends to pay this distribution on May 22, 2023 to common unitholders and OpCo common unitholders of record as of the close of business on May 15, 2023. As to the Partnership, $0.003484 excluded from the OpCo common unit distribution corresponds to a tax refund received by the Partnership in the first quarter of 2023. Under the limited liability company agreement of the Operating Company, the Partnership does not reimburse the Operating Company for federal income tax refunds received by the Partnership. Acquisition On April 11, 2023, the Partnership entered into a purchase and sale agreement with MB Minerals, L.P. and certain of its affiliates (the “MB Minerals Acquisition”) to acquire certain mineral and royalty assets located in Howard and Borden Counties, Texas. The aggregate consideration at closing will comprise of (i) approximately $48.8 million in cash and (ii) the issuance of (a) 5,369,218 OpCo Common Units and an equal number of Class B units representing limited partnership interests in the Partnership (“Class B Units”) and (b) 557,302 common units. Completion of the MB Minerals Acquisition is subject to the satisfaction or waiver of certain customary closing conditions as set forth in the purchase and sale agreement. The MB Minerals Acquisition is expected to close in the second quarter of 2023, with an effective date of April 1, 2023. Debt On April 6, 2023, the Partnership drew down $15.0 million on the senior secured revolving credit facility to fund the deposit on the MB Minerals Acquisition. Special Purpose Acquisition Company On May 3, 2023, TGR announced that it will redeem all of its outstanding shares of Class A Common Stock included as part of the units issued in its initial public offering and the 2,500 shares of Class A common stock forming part of the sponsor shares, effective as of the close of business on May 22, 2023, as TGR will not consummate an initial business combination on or prior to May 8, 2023. Based on the amount held in trust as of March 31, 2023, the per-share redemption price for the TGR public shares is expected to be approximately $10.56. The public shares of TGR will cease trading as of the close of business on May 8, 2023. As of the close of business on May 9, 2023, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount. There will be no redemption rights or liquidating distributions with respect to TGR’s warrants, including the Private Placement Warrants held by TGR Sponsor, which will expire worthless. TGR Sponsor has waived its redemption rights with respect to TGR’s outstanding common stock issued before TGR’s initial public offering. The non-cash impact of the future deconsolidation of TGR will be reflected in the Partnership’s financial statements for the period ending June 30, 2023. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022 (the “2022 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
Recently Adopted Pronouncements	New Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-01, “Leases (Topic 842): Common Control Arrangements.” This update requires that (i) entities determine whether a related party arrangement between entities under common control is a lease and (ii) that leasehold improvements have an amortization period consistent with the shorter of the remaining lease term and the useful life of the improvements, which is an approach that is largely consistent with legacy guidance. This update is effective for financial statements issued for fiscal years beginning after December 15, 2023, including interim periods within that fiscal year. The Partnership is currently evaluating the impact of the adoption of this update, but does not believe it will have a material impact on its financial position, results of operations or liquidity.
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 March 31, 2023.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2023
DERIVATIVES
Schedule of changes in fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Beginning fair value of derivative instruments ​ $ (12,324,076) ​ $ (26,624,646) Gain (loss) on derivative instruments ​ ​ 9,062,376 ​ ​ (28,238,415) Net cash paid on settlements of derivative instruments ​ ​ 3,437,225 ​ ​ 9,557,420 Ending fair value of derivative instruments ​ $ 175,525 ​ $ (45,305,641)
Schedule of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Classification ​ Balance Sheet Location ​ 2023 ​ 2022 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ Derivative assets ​ $ — ​ $ — Long-term assets ​ Derivative assets ​ ​ 2,455,737 ​ ​ 754,786 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (2,056,242) ​ ​ (12,646,720) Long-term liabilities ​ Derivative liabilities ​ ​ (223,970) ​ ​ (432,142) ​ ​ ​ ​ $ 175,525 ​ $ (12,324,076) ​
Schedule of commodity derivative contracts	Oil Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per Bbl) ​ ​ Volumes (Bbl) ​ Fixed Price (per Bbl) ​ Low ​ High April 2023 - December 2023 ​ 211,557 ​ $ 61.94 ​ $ 61.16 ​ $ 63.00 January 2024 - December 2024 ​ 228,044 ​ $ 74.44 ​ $ 69.30 ​ $ 82.40 January 2025 - March 2025 ​ 71,640 ​ $ 66.31 ​ $ 66.31 ​ $ 66.31 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High April 2023 - December 2023 ​ 3,041,591 ​ $ 2.97 ​ $ 2.52 ​ $ 3.28 January 2024 - December 2024 ​ 3,229,292 ​ $ 4.34 ​ $ 4.15 ​ $ 4.48 January 2025 - March 2025 ​ 848,070 ​ $ 4.37 ​ $ 4.37 ​ $ 4.37

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 2,455,737 ​ $ — ​ $ — ​ $ 2,455,737 Investments held in trust ​ $ 243,059,983 ​ $ — ​ $ — ​ $ — ​ $ 243,059,983 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (2,280,212) ​ $ — ​ $ — ​ $ (2,280,212) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 754,786 ​ $ — ​ $ — ​ $ 754,786 Investments held in trust ​ $ 240,621,146 ​ $ — ​ $ — ​ $ — ​ $ 240,621,146 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (13,078,862) ​ $ — ​ $ — ​ $ (13,078,862)

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2023
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 1,365,509,179 ​ $ 1,258,290,375 Unevaluated properties ​ ​ 100,758,383 ​ ​ 207,695,343 Less: accumulated depreciation, depletion and impairment ​ ​ (730,184,148) ​ ​ (712,716,951) Total oil and natural gas properties ​ $ 736,083,414 ​ $ 753,268,767

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
LEASES
Schedule of future minimum lease commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Operating leases ​ $ 3,078,437 ​ $ 365,764 ​ $ 488,725 ​ $ 497,033 ​ $ 507,648 ​ $ 511,917 ​ $ 707,350 Less: Imputed Interest ​ (596,369) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,482,068 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

UNITHOLDERS' EQUITY AND PARTN_2

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Common units
Schedule of distributions approved by the Board of Directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Date ​ Unitholder ​ Payment ​ ​ Common Unit ​ Declared ​ Record Date ​ Date Q1 2023 ​ $ 0.35 ​ May 3, 2023 ​ May 15, 2023 ​ May 22, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2022 ​ $ 0.47 ​ April 22, 2022 ​ May 2, 2022 ​ May 9, 2022 ​
Common Units
Common units
Schedule of changes in Partnership's units	​ ​ ​ ​ ​ ​ Common Units Balance at December 31, 2022 ​ 64,231,833 Common units issued under the A&R LTIP (1) ​ 998,162 Restricted units repurchased for tax withholding ​ (279,662) Balance at March 31, 2023 ​ 64,950,333 (1) Includes restricted units granted to certain employees and directors under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan on February 21, 2023.

EARNINGS (LOSS) PER COMMON UN_2

EARNINGS (LOSS) PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2023
EARNINGS (LOSS) PER COMMON UNIT
Schedule of earnings (loss) per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2023 ​ 2022 Net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 23,320,636 ​ $ 7,330,957 Accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation ​ ​ — ​ ​ (16,325,799) Net income (loss) attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation ​ ​ 23,320,636 ​ ​ (8,994,842) Net income attributable to non-controlling interests in OpCo and distribution on Class B units ​ ​ 5,578,902 ​ ​ — Diluted net income (loss) attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation ​ ​ 28,899,538 ​ ​ (8,994,842) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ Basic ​ ​ 62,541,565 ​ ​ 45,942,829 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Class B units ​ ​ 15,484,400 ​ ​ — Restricted units ​ ​ 1,732,014 ​ ​ — Diluted ​ ​ 79,757,979 ​ ​ 45,942,829 ​ ​ ​ ​ ​ ​ ​ Net income (loss) per unit attributable to common units of Kimbell Royalty Partners, LP ​ ​ ​ ​ ​ ​ Basic ​ $ 0.37 ​ $ (0.20) Diluted ​ $ 0.36 ​ $ (0.20) ​

UNIT-BASED COMPENSATION (Tables

UNIT-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 ​ 1,897,192 ​ $ 13.553 1.517 years Awarded ​ 998,162 ​ ​ 15.020 ​ — Vested ​ (943,924) ​ ​ 12.602 ​ — Unvested at March 31, 2023 ​ 1,951,430 ​ $ 14.763 2.278 years

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)		3 Months Ended
	Feb. 08, 2022 USD ($)	Mar. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization
Assets		$ 1,045,638,224	$ 1,076,746,299
Liabilities		243,639,231	263,336,623
Redeemable Noncontrolling Interest, Equity, Carrying Amount		236,900,000	236,900,000
Partners' Capital, Including Portion Attributable to Noncontrolling Interest		$ 565,098,993	$ 576,509,676	$ 312,651,228	$ 348,849,781
Segment Reporting
Number of operating units | segment		1
Number of reporting units | segment		1
Kimbell Tiger Acquisition Corporation
Organization
Assets		$ 243,200,000
Liabilities		8,900,000
Redeemable Noncontrolling Interest, Equity, Carrying Amount		236,900,000
Kimbell Tiger Acquisition Corporation and Kimbell Tiger Acquisition Sponsor Llc
Organization
Assets		243,200,000
Liabilities		8,900,000
Redeemable Noncontrolling Interest, Equity, Carrying Amount		236,900,000
Partners' Capital, Including Portion Attributable to Noncontrolling Interest		17,400,000
Stockholders' Equity Attributable to Noncontrolling Interest		$ 3,000,000
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	3 Months Ended	12 Months Ended
	Dec. 15, 2022 USD ($) a shares	Feb. 08, 2022 USD ($) $ / shares shares	Jul. 29, 2021 USD ($) $ / shares	May 31, 2021 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Jun. 19, 2019
Acquisitions
Stock split conversion ratio				1
Assets Held-in-trust					$ 243,100,000	$ 240,600,000
Redeemable noncontrolling interest carrying amount					$ 236,900,000	236,900,000
Business Combination, Number of Business Days					10
Interest Payable for Dissolution Expenses					$ 100,000
Assets					1,045,638,224	1,076,746,299
Liabilities					243,639,231	263,336,623
Purchase and sale agreement | Royalty, mineral and overriding interests
Acquisitions
Total purchase price						15,000,000
Net proceeds realized						$ 6,500,000
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					243,200,000
Liabilities					8,900,000
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
Hatch Royalties, LLC
Acquisitions
Purchase price cash, gross	$ 150,400,000
Gross acres acquired (in acres) | a	230,000
Net royalty acres acquired (in acres) | a	889
Acquisition asset allocation
Proved properties	$ 56,400,000
Unevaluated properties	$ 204,700,000
Hatch Royalties, LLC | OpCo Units
Acquisitions
Business Acquisition issuance of common units | shares	7,272,821
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		12 Months Ended
	Mar. 31, 2023 USD ($) $ / bbl MMBbls	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 17, 2022	Jan. 27, 2021 USD ($)
Derivatives
Daily oil and natural gas production (as a percent)	15%
Change in fair values of derivative instruments
Beginning fair value of commodity derivative instruments | $	$ (12,324,076)	$ (26,624,646)	$ (26,624,646)
Gain (loss) on derivative instruments | $	9,062,376	(28,238,415)
Net cash paid on settlements of derivative instruments | $	3,437,225	9,557,420
Ending fair value of commodity derivative instruments | $	175,525	(45,305,641)	(12,324,076)
Assets:
Long-term assets | $	2,455,737		754,786
Liabilities:
Current liability | $	(2,056,242)		(12,646,720)
Long-term liability | $	(223,970)		(432,142)
Derivative assets (liabilities) | $	$ 175,525	(45,305,641)	(12,324,076)
Interest Rate Swap
Derivatives
Derivative, Notional Amount | $		150,000,000			$ 150,000,000
Unwind notional amount (as a percent)				50%
Change in fair values of derivative instruments
Gain on interest rate swap | $			$ 6,400,000
Liabilities:
Derivative Asset | $		$ 5,600,000
Oil Price Swaps - April 2023 - December 2023
Derivatives
Notional Volumes | MMBbls	211,557
Weighted Average Fixed Price	61.94
Oil Price Swaps - January 2024 - December 2024
Derivatives
Notional Volumes | MMBbls	228,044
Weighted Average Fixed Price	74.44
Oil Price Swaps - January 2025 - December 2025
Derivatives
Notional Volumes | MMBbls	71,640
Weighted Average Fixed Price	66.31
Natural Gas Price Swaps - April 2023 - December 2023
Derivatives
Notional Volumes | MMBbls	3,041,591
Weighted Average Fixed Price	2.97
Natural Gas Price Swaps - January 2024 - December 2024
Derivatives
Notional Volumes | MMBbls	3,229,292
Weighted Average Fixed Price	4.34
Natural Gas Price Swaps - January 2025 - December 2025
Derivatives
Notional Volumes | MMBbls	848,070
Weighted Average Fixed Price	4.37
Minimum | Oil Price Swaps - April 2023 - December 2023
Derivatives
Weighted Average Fixed Price	61.16
Minimum | Oil Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	69.30
Minimum | Oil Price Swaps - January 2025 - December 2025
Derivatives
Weighted Average Fixed Price	66.31
Minimum | Natural Gas Price Swaps - April 2023 - December 2023
Derivatives
Weighted Average Fixed Price	2.52
Minimum | Natural Gas Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	4.15
Minimum | Natural Gas Price Swaps - January 2025 - December 2025
Derivatives
Weighted Average Fixed Price	4.37
Maximum | Oil Price Swaps - April 2023 - December 2023
Derivatives
Weighted Average Fixed Price	63
Maximum | Oil Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	82.40
Maximum | Oil Price Swaps - January 2025 - December 2025
Derivatives
Weighted Average Fixed Price	66.31
Maximum | Natural Gas Price Swaps - April 2023 - December 2023
Derivatives
Weighted Average Fixed Price	3.28
Maximum | Natural Gas Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	4.48
Maximum | Natural Gas Price Swaps - January 2025 - December 2025
Derivatives
Weighted Average Fixed Price	4.37

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Commodity Derivative contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	$ 2,455,737	$ 754,786
Derivative contracts liabilities	(2,280,212)	(13,078,862)
Commodity Derivative contract | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	2,455,737	754,786
Derivative contracts liabilities	(2,280,212)	(13,078,862)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets			$ 5,600,000
Assets Held In Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	243,059,983	240,621,146
Assets Held In Trust | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	$ 243,059,983	$ 240,621,146

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
OIL AND NATURAL GAS PROPERTIES
Proved properties	$ 1,365,509,179		$ 1,258,290,375
Unevaluated properties	100,758,383		207,695,343
Less: accumulated depreciation, depletion, and impairment	(730,184,148)		(712,716,951)
Total oil and natural gas properties, net	736,083,414		$ 753,268,767
Impairment of oil and natural gas properties	$ 0	$ 0

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
LEASES
Operating lease weighted average remaining lease term	6 years 1 month 17 days
Operating lease weighted average discount rate (as a percent)	6.75%
Operating lease expense	$ 100,000	$ 100,000
2023	365,764
2024	488,725
2025	497,033
2026	507,648
2027	511,917
Thereafter	707,350
Total operating leases	3,078,437
Less Imputed Interest	(596,369)
Total	$ 2,482,068

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 07, 2022	Dec. 08, 2020	Feb. 08, 2017
Long-term debt
Amortization of Debt Issuance Costs	$ 516,098	$ 442,399
Borrowings of debt	4,000,000	19,100,000
Repayment of debt	13,100,000	$ 9,700,000
Revolving credit facility
Long-term debt
Revolving credit facility maximum borrowings			$ 350,000,000	$ 300,000,000
Revolving credit facility outstanding	$ 223,900,000
Interest rate on outstanding borrowings (as a percent)	8.26%
Borrowings of debt	$ 4,000,000
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 | Maximum
Long-term debt
Debt to EBITDAX ratio					350%
Revolving credit facility | Minimum
Long-term debt
Current assets to current liabilities ratio					100%

UNITHOLDERS' EQUITY AND PARTN_3

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Common units
Units issued (in units)		64,950,333		64,231,833
Units outstanding (in units)		64,950,333		64,231,833
Repayment of debt		$ 13,100,000	$ 9,700,000
Capital rollforward
Unitholders' capital, beginning balance (in units)		64,231,833
Unitholders' capital, ending balance (in units)		64,950,333
Cash distributions declared and paid (in dollars per unit)		$ 0.35	$ 0.47
Common Units
Common units
Units issued (in units)		64,950,333
Units outstanding (in units)		64,950,333		64,231,833
Capital rollforward
Unitholders' capital, beginning balance (in units)		64,231,833
Common units issued under the A&R LTIP (in units)		998,162
Restricted units repurchased for tax withholding (in units)		(279,662)
Unitholders' capital, ending balance (in units)		64,950,333
Class B
Capital rollforward
Cash distributions (as a percent)		2%
Class B Common Units
Common units
Units outstanding (in units)		15,484,400
Capital rollforward
Unitholders' capital, ending balance (in units)		15,484,400
Additional consideration paid per unit (in dollars per unit)		$ 0.05
Public Offering
Common units
Units issued (in units)	6,900,000
Proceeds from equity offering	$ 117,000,000
Repayment of debt	$ 116,000,000

EARNINGS (LOSS) PER COMMON UN_3

EARNINGS (LOSS) PER COMMON UNIT (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per unit
Net income attributable to common units of Kimbell Royalty Partners, LP	$ 23,320,636	$ 7,330,957
Accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation.		(16,325,799)
Net income (loss) attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation	23,320,636	(8,994,842)
Net income attributable to noncontrolling interest	5,563,418	1,058,677
Diluted net income (loss) attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation	$ 28,899,538	$ (8,994,842)
Weighted average number of common units outstanding Basic (in units)	62,541,565	45,942,829
Weighted average number of common units outstanding Diluted (in units)	79,757,979	45,942,829
Net income (loss) per unit attributable to common units (basic) (in dollar per share)	$ 0.37	$ (0.20)
Net income (loss) per unit attributable to common units (diluted) (in dollar per share)	$ 0.36	$ (0.20)
Restricted Units
Earnings per unit
Weighted average number of common units outstanding (in units)	1,732,014
Class B
Earnings per unit
Net income attributable to noncontrolling interest	$ 5,578,902
Weighted average number of common units outstanding (in units)	15,484,400
Anti-dilutive options outstanding		1,753,986

UNIT-BASED COMPENSATION (Detail

UNIT-BASED COMPENSATION (Details) - Long-Term Incentive Plan - $ / shares		3 Months Ended	12 Months Ended
	May 18, 2022	Mar. 31, 2023	Dec. 31, 2022
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)		1,897,192
Awarded (in units)		998,162
Vesting (in units)		(943,924)
Unvested at end of period (in units)		1,951,430	1,897,192
Unvested Weighted Average Grant-Date Fair Value
Unvested at beginning of period (in dollars per unit)		$ 13.553
Awarded (in dollars per unit)		15.020
Vesting (in dollars per unit)		12.602
Unvested at end of period (in dollars per unit)		$ 14.763	$ 13.553
Weighted Average Remaining Contractual Term
Unvested contractual term, at end of period		2 years 3 months 10 days	1 year 6 months 6 days

INCOME TAXES - (Details)

INCOME TAXES - (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES
(Benefit from) provision for income taxes	$ (1,402,983)	$ (271,799)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)		3 Months Ended
	Feb. 08, 2022	Mar. 31, 2023
Related Party Transactions
Due from related parties		$ 25,000
Revenue from related parties		75,000
Kimbell Tiger Acquisition Corporation
Related Party Transactions
Common units issued for equity offering (in units)	23,000,000
BJF Royalties
Related Party Transactions
Payments made to related parties		0
K3 Royalties
Related Party Transactions
Payments made to related parties		30,000
Rivercrest Capital Management, LLC
Related Party Transactions
Related party expense reimbursement received		$ 56,242

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	May 03, 2023	Apr. 11, 2023	Apr. 06, 2023
Common Units
Subsequent events
Cash distributions declared (in dollars per unit)	$ 0.35
MB Minerals, L.P.
Subsequent events
Purchase price cash, gross		$ 48.8
MB Minerals, L.P. | OpCo Units
Subsequent events
Business Acquisition issuance of common units		5,369,218
MB Minerals, L.P. | Class B Common Units
Subsequent events
Business Acquisition issuance of common units		557,302
Revolving credit facility
Subsequent events
Draw downs			$ 15
Operating Company
Subsequent events
Cash distributions declared (in dollars per unit)	0.346516
Distribution paid corresponding to tax payment (in dollars per unit)	$ 0.003484
Kimbell Tiger Acquisition Corporation | Class A
Subsequent events
Units redeemed	2,500
Redemption price per share	$ 10.56