Kimbell Royalty Partners (KRP) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Common Units
Document Information
Entity Common Stock, Shares Outstanding		73,851,458
Class B
Document Information
Entity Common Stock, Shares Outstanding		20,847,295

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 39,528,859	$ 24,635,718
Oil, natural gas and NGL receivables	61,320,286	46,993,711
Derivative assets	1,489,189
Accounts receivable and other current assets	2,855,653	3,562,912
Total current assets	105,193,987	75,192,341
Property and equipment, net	681,285	953,781
Oil and natural gas properties
Oil and natural gas properties, using full cost method of accounting ($338,840,127 and $207,695,343 excluded from depletion at September 30, 2023 and December 31, 2022, respectively)	2,048,160,125	1,465,985,718
Less: accumulated depreciation, depletion and impairment	(772,711,451)	(712,716,951)
Total oil and natural gas properties, net	1,275,448,674	753,268,767
Right-of-use assets, net	2,274,148	2,525,323
Derivative assets	134,841	754,786
Loan origination costs, net	6,051,974	3,004,104
Total assets	1,389,784,909	1,076,746,299
Current liabilities
Accounts payable	3,186,244	1,210,337
Other current liabilities	10,541,101	4,909,510
Derivative liabilities	1,418,027	12,646,720
Total current liabilities	15,145,372	18,766,567
Operating lease liabilities, excluding current portion	1,977,931	2,236,361
Derivative liabilities	1,527,330	432,142
Long-term debt	310,400,000	233,015,911
Other liabilities	229,167	322,917
Total liabilities	329,279,800	263,336,623
Commitments and contingencies (Note 17)
Mezzanine equity:
Series A preferred units (325,000 units and zero units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)	314,028,929
Redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation		236,900,000
Kimbell Royalty Partners, LP unitholders' equity:
Common units (73,851,458 units and 64,231,833 units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)	695,096,257	601,841,776
Class B units (20,847,295 and 15,484,400 units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)	1,042,365	774,220
Total Kimbell Royalty Partners, LP unitholders' equity	696,138,622	602,615,996
Non-controlling interest (deficit) in OpCo	50,337,558	(26,106,320)
Total unitholders' equity	746,476,180	576,509,676
Total liabilities, mezzanine equity and unitholders' equity	$ 1,389,784,909	1,076,746,299
Consolidated variable interest entities
Oil and natural gas properties
Cash		390,850
Investments held in trust		240,621,146
Prepaid expenses		35,201
Current liabilities
Other current liabilities		512,725
Deferred underwriting commissions		$ 8,050,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Oil and natural gas properties excluded from depletion	$ 338,840,127	$ 207,695,343
Temporary equity, issued (in units)	325,000	0
Temporary equity, outstanding (in units)	325,000	0
Common units, issued (in units)	73,851,458	64,231,833
Common units, outstanding (in units)	73,851,458	64,231,833
Class B units, issued (in units)	20,847,295	15,484,400
Class B units, outstanding (in units)	20,847,295	15,484,400

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 69,237,603	$ 73,867,992	$ 183,635,976	$ 217,543,364
Lease bonus and other income	2,543,240	171,702	5,021,766	2,039,154
(Loss) gain on commodity derivative instruments, net	(4,576,570)	(1,116,722)	6,215,265	(40,194,369)
Total revenues	67,204,273	72,922,972	194,873,007	179,388,149
Costs and expenses
Production and ad valorem taxes	4,986,878	4,518,580	14,669,037	13,542,285
Depreciation and depletion expense	23,060,163	11,326,791	60,280,666	33,359,915
Marketing and other deductions	3,508,500	3,068,244	9,177,998	10,639,314
General and administrative expense	10,358,674	7,482,814	26,562,100	21,938,249
General and administrative expense consolidated variable interest entities		527,634	927,699	1,857,593
Total costs and expenses	41,914,215	26,924,063	111,617,500	81,337,356
Operating income	25,290,058	45,998,909	83,255,507	98,050,793
Other income (expense)
Equity income in affiliate		23,727		3,658,460
Interest expense	(6,680,661)	(3,667,534)	(18,485,183)	(9,868,679)
Loss on extinguishment of debt			(480,244)
Other income (expense)		76,873	(180,765)	4,043,530
Net income before income taxes	18,609,397	43,620,231	67,618,006	97,396,881
Income tax expense (benefit)	128,359	(224,883)	2,440,399	1,850,357
Net income	18,481,038	43,845,114	65,177,607	95,546,524
Distribution and accretion on Series A preferred units	(1,040,572)		(1,040,572)
Net income and distributions and accretion on Series A preferred units attributable to non-controlling interests	(3,839,401)	(5,493,117)	(13,700,261)	(11,975,886)
Distribution on Class B units	(20,854)	(8,211)	(67,939)	(34,032)
Net income attributable to common units of Kimbell Royalty Partners, LP	$ 13,580,211	$ 38,343,786	$ 50,368,835	$ 83,536,606
Net income per unit attributable to common units of Kimbell Royalty Partners, LP
Net income per unit attributable to common units (basic) (in dollar per share)	$ 0.20	$ 0.69	$ 0.80	$ 1.26
Net income per unit attributable to common units (diluted) (in dollar per share)	$ 0.19	$ 0.59	$ 0.78	$ 1
Weighted average number of common units outstanding
Weighted average number of common units outstanding Basic (in units)	68,540,786	55,434,641	64,807,590	52,302,235
Weighted average number of common units outstanding Diluted (in units)	94,969,077	65,543,412	85,739,813	65,397,463
Consolidated variable interest entities
Other income (expense)
Interest earned on marketable securities in trust account		$ 1,188,256	$ 3,508,691	$ 1,512,777

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, 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
Net income					95,546,524
Unitholders' capital, ending balance at Sep. 30, 2022	$ 485,063,162	$ 410,579	(148,629,318)		336,844,423
Unitholders' capital, ending balance (in units) at Sep. 30, 2022	57,331,833	8,211,579
Unitholders' capital, beginning balance at Mar. 31, 2022	$ 462,220,882	$ 412,683	(149,982,337)		312,651,228
Unitholders' capital, beginning balance (in units) at Mar. 31, 2022	57,290,923	8,253,660
Increase (Decrease) in Unitholders' Capital
Conversion of Class B units to common units	$ 722,952	$ (2,104)	(722,952)		(2,104)
Conversion of Class B units to common units (in units)	42,081	(42,081)
Forfeiture of restricted units	$ (19,813)				(19,813)
Forfeiture of restricted units (in units)	(1,171)
Unit-based compensation	$ 2,949,491				2,949,491
Distributions to unitholders	(26,945,962)		(3,859,442)		(30,805,404)
Distribution on Class B units	(8,211)				(8,211)
Accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation	(1,519,432)		(217,627)		(1,737,059)
Net income	37,870,074		5,424,092		43,294,166
Unitholders' capital, ending balance at Jun. 30, 2022	$ 475,269,981	$ 410,579	(149,358,266)		326,322,294
Unitholders' capital, ending balance (in units) at Jun. 30, 2022	57,331,833	8,211,579
Increase (Decrease) in Unitholders' Capital
Unit-based compensation	$ 2,981,903				2,981,903
Distributions to unitholders	(31,532,508)		(4,764,169)		(36,296,677)
Distribution on Class B units	(8,211)				(8,211)
Net income	38,351,997		5,493,117		43,845,114
Unitholders' capital, ending balance at Sep. 30, 2022	$ 485,063,162	$ 410,579	(148,629,318)		336,844,423
Unitholders' capital, ending balance (in units) at Sep. 30, 2022	57,331,833	8,211,579
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	$ 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
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
Net income					$ 65,177,607
Unitholders' capital, ending balance at Sep. 30, 2023					696,138,622
Unitholders' capital, ending balance at Sep. 30, 2023	$ 695,096,257	$ 1,042,365	50,337,558		$ 746,476,180
Unitholders' capital, ending balance (in units) at Sep. 30, 2023	73,851,458	20,847,295			73,851,458
Unitholders' capital, beginning balance at Mar. 31, 2023	$ 592,304,290	$ 774,220	(27,979,517)		$ 565,098,993
Unitholders' capital, beginning balance (in units) at Mar. 31, 2023	64,950,333	15,484,400
Increase (Decrease) in Unitholders' Capital
Common units issued for acquisition	$ 8,654,900	$ 268,461	83,383,956		92,307,317
Common units issued for acquisition (in units)	557,302	5,369,218
Unit-based compensation	$ 3,289,740				3,289,740
Distributions to unitholders	(22,732,617)		(5,349,476)		(28,082,093)
Distribution on Class B units	(31,601)				(31,601)
Accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions	1,192,969		379,768		1,572,737
Net income	13,499,589		4,297,442		17,797,031
Unitholders' capital, ending balance at Jun. 30, 2023	$ 596,177,270	$ 1,042,681	54,732,173		651,952,124
Unitholders' capital, ending balance (in units) at Jun. 30, 2023	65,507,635	20,853,618
Increase (Decrease) in Unitholders' Capital
Common units issued for equity offering	$ 110,711,383				110,711,383
Common units issued for equity offering (in units)	8,337,500
Conversion of Class B units to common units	$ 101,105	$ (316)	(101,105)		(316)
Conversion of Class B units to common units (in units)	6,323	(6,323)
Unit-based compensation	$ 3,325,891				3,325,891
Distributions to unitholders	(28,799,603)		(8,132,911)		(36,932,514)
Distribution and accretion on Series A preferred units	(811,497)		(229,075)		(1,040,572)
Distribution on Class B units	(20,854)				(20,854)
Net income	14,412,562		4,068,476		18,481,038
Unitholders' capital, ending balance at Sep. 30, 2023					696,138,622
Unitholders' capital, ending balance at Sep. 30, 2023	$ 695,096,257	$ 1,042,365	$ 50,337,558		$ 746,476,180
Unitholders' capital, ending balance (in units) at Sep. 30, 2023	73,851,458	20,847,295			73,851,458

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 65,177,607	$ 95,546,524
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and depletion expense	60,280,666	33,359,915
Amortization of right-of-use assets	251,175	237,839
Amortization of loan origination costs	1,414,074	1,381,717
Loss on extinguishment of debt	480,244
Equity income in affiliate		(3,658,460)
Cash distribution from affiliate		3,770,651
Forfeiture of restricted units		(19,813)
Unit-based compensation	9,785,631	8,125,736
Gain on derivative instruments, net of settlements	(11,002,749)	(1,271,103)
Changes in operating assets and liabilities:
Oil, natural gas and NGL receivables	(14,326,575)	(11,240,327)
Accounts receivable and other current assets	707,259	455,642
Accounts payable	1,014,264	63,161
Other current liabilities	5,631,591	3,099,504
Operating lease liabilities	(258,430)	(241,314)
Net cash provided by operating activities	114,958,713	128,005,890
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(107,420)	(118,614)
Purchase of oil and natural gas properties	(490,135,551)	(443,977)
Proceeds from trust of variable interest entity	930,850
Cash distribution from affiliate		3,465,376
Net cash used in investing activities	(246,113,134)	(233,997,215)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of Series A preferred units, net of issuance costs	313,950,000
Proceeds from equity offering, net of issuance costs	110,711,383
Costs associated with equity offering		(325,508)
Contributions from Class B unitholders	268,461
Redemption of Class B contributions on converted units	(316)	(470,000)
Distributions to common unitholders	(82,708,380)	(75,928,696)
Distribution to OpCo unitholders	(20,919,002)	(15,139,895)
Distribution on Class B units	(67,939)	(34,032)
Borrowings on long-term debt	201,084,089	43,200,000
Repayments on long-term debt	(123,700,000)	(56,400,000)
Payment of loan origination costs	(4,942,188)	(435,141)
Restricted units repurchased for tax withholding	(4,851,962)	(3,344,828)
Net cash provided by financing activities	145,656,712	116,045,612
NET INCREASE IN CASH AND CASH EQUIVALENTS	14,502,291	10,054,287
CASH AND CASH EQUIVALENTS, beginning of period	25,026,568	7,052,414
CASH AND CASH EQUIVALENTS, end of period	39,528,859	17,106,701
Supplemental cash flow information:
Cash paid for interest	16,920,473	8,032,309
Cash paid for taxes		3,067,374
Non-cash investing and financing activities:
Units issued in exchange for oil and natural gas properties	92,038,856
Noncash deemed distribution to Series A preferred units	78,929
Recognition of tenant improvement asset	93,750	93,751
Consolidated variable interest entities
Changes in operating assets and liabilities:
Interest earned on marketable securities in trust account	(3,508,691)	(1,512,777)
Other assets and liabilities	(687,353)	(91,005)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for transaction costs	31,553
Cash received from investments held in trust	243,167,434
Investment in marketable securities		(236,900,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from initial public offering of Kimbell Tiger Operating Company		227,585,000
Payment of underwriting commissions with equity offering of Kimbell Tiger Operating Company, net of adjustments		(2,661,288)
Redemption of Kimbell Tiger Acquisition Corporation equity units	(243,167,434)
CASH AND CASH EQUIVALENTS, end of period		551,979
Non-cash investing and financing activities:
Reduction of deferred underwriting commission associated with redemption of Kimbell Tiger Acquisition Corporation equity units	$ (8,050,000)
Deferred underwriting commissions		$ 8,050,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Sep. 30, 2023	Sep. 30, 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	$ 39,528,859	$ 17,106,701
Consolidated variable interest entities
Reconciliation of Cash and Cash Equivalents and Cash Held at Consolidated Variable Interest Entities to the Consolidated Statements of Cash Flows
Cash and cash equivalents		551,979
Non-Consolidated Variable Interest Entity Primary Beneficiary
Reconciliation of Cash and Cash Equivalents and Cash Held at Consolidated Variable Interest Entities to the Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 39,528,859	$ 16,554,722

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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. 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 and Conflict in the Middle East In February 2022, Russia invaded Ukraine and is still engaged in active armed conflict against the country. In October 2023, armed active conflict began in the Middle East and is still active. These conflicts 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 these conflicts; however, the Partnership will continue to monitor for events that could materially impact them.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 (as defined in Note 4), a consolidated special purpose acquisition company, through the TGR IPO (as defined in Note 4). These funds were held in an actively-traded money market fund, which invested 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 6— Fair Value Measurements. Redeemable Non-Controlling Interest Redeemable non-controlling interests represent the shares of Class A common stock of TGR, par value $0.0001 per share (the “Class A common stock”) sold in the TGR IPO that were redeemable for cash by the public TGR shareholders that would have been concurrent 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 were initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. As of June 30, 2023, the shares had been redeemed in full. 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.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	9 Months Ended
	Sep. 30, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	NOTE 3—REVENUE FROM CONTRACTS WITH CUSTOMERS The Partnership has the right to receive revenues from oil, natural gas and NGL sales obtained by the operator of the wells in which the Partnership owns a mineral or royalty interest. Revenue is recognized at the point control of the product is transferred to the purchaser. Virtually all of the pricing provisions in the Partnership’s contracts are tied to a market index. The Partnership’s oil, natural gas and NGL sales contracts are generally structured whereby the producer of the properties in which the Partnership owns a mineral or royalty interest sells the Partnership’s proportionate share of oil, natural gas and NGL production to the purchaser and the Partnership collects its percentage royalty based on the revenue generated by the sale of the oil, natural gas and NGL. In this scenario, the Partnership recognizes revenue when control transfers to the purchaser at the wellhead or at the gas processing facility based on the Partnership’s percentage ownership share of the revenue, net of any deductions for gathering and transportation. The following table disaggregates the Partnership’s oil, natural gas, and NGL revenues for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 Oil revenue ​ $ 50,777,614 ​ $ 32,044,316 ​ $ 123,587,783 ​ $ 100,384,497 Natural gas revenue ​ ​ 12,339,244 ​ ​ 35,517,230 ​ ​ 43,528,008 ​ ​ 94,412,132 NGL revenue ​ ​ 6,120,745 ​ ​ 6,306,446 ​ ​ 16,520,185 ​ ​ 22,746,735 Total Oil, natural gas and NGL revenues ​ $ 69,237,603 ​ $ 73,867,992 ​ $ 183,635,976 ​ $ 217,543,364 ​

ACQUISITIONS, JOINT VENTURE AND

ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY	9 Months Ended
	Sep. 30, 2023
ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY
ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY	NOTE 4 — ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY Acquisitions On September 13, 2023, the Partnership completed the acquisition of all issued and outstanding membership interests of Cherry Creek Minerals LLC pursuant to a securities purchase agreement with LongPoint Minerals II, LLC (the “LongPoint Acquisition”) in a cash transaction valued at approximately $455.0 million. The Partnership funded the cash transaction with borrowings under its secured revolving credit facility and net proceeds from the Preferred Unit Transaction (as defined in Note 10—Preferred Units). The adjusted purchase price of the LongPoint Acquisition includes the total cash consideration of $455.0 million, transactional costs of $7.4 million and less $16.6 million of post-effective net oil, natural gas and NGL revenues earned prior to the closing date. The LongPoint Acquisition was accounted for as an asset acquisition and the allocation of the purchase price was $198.2 million to proved properties and $247.6 million to unevaluated properties. On May 17, 2023, the Partnership completed the acquisition of certain mineral and royalty assets held by MB Minerals, L.P. and certain of its affiliates (the “MB Minerals Acquisition”). The aggregate consideration for the MB Minerals Acquisition consisted 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. The Partnership funded the cash payment of the purchase price with borrowings under its secured revolving credit facility. The assets acquired in the MB Minerals Acquisition are located in Howard and Borden Counties, Texas. The MB Minerals Acquisition was accounted for as an asset acquisition and the allocation of the purchase price was $60.8 million to proved properties and $74.9 million to unevaluated properties. 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 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 was a subsidiary of the Partnership, and was created to assist TGR in sourcing, analyzing and consummating acquisition opportunities for that initial business combination. TGR Sponsor and TGR were consolidated in the financial statements of the Partnership beginning in the year ended December 31, 2021. On July 29, 2021, TGR, the Partnership’s recently dissolved special purpose acquisition company and subsidiary, consummated its initial public offering (the “TGR IPO”). Under the terms of TGR’s governing documents, TGR had until May 8, 2023 to complete a business combination, subject to TGR Sponsor’s option to extend such deadline by three months up to two times. On May 22, 2023, as a result of TGR’s inability to consummate an initial business combination on or prior to May 8, 2023, and pursuant to the terms of its organizational documents, TGR redeemed all of its outstanding shares of Class A common stock included as part of the units issued in its initial public offering. The Class A common stock was redeemed on June 22, 2023 and the Partnership completed the dissolution and deconsolidation of TGR (along with TGR Sponsor) on June 30, 2023 in accordance with the terms of its organizational documents. The net non-cash impact of the deconsolidation of TGR was $1.6 million, which is included in the accompanying consolidated balance sheet as of September 30, 2023

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2023
DERIVATIVES
DERIVATIVES	NOTE 5 — DERIVATIVES Commodity Derivatives The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts and other contractual arrangements. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. As of September 30, 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’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”) risk exposure, as the interest rate swap effectively converted a portion of the Partnership’s secured revolving credit facility from a floating to a fixed rate. Changes in the fair values of the Partnership’s interest rate swaps were recognized as gains or losses in the current period and were presented on a net basis within other income in the accompanying unaudited interim consolidated statements of operations. 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 September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Beginning fair value of derivative instruments ​ $ 2,776,238 ​ $ (38,741,643) ​ $ (12,324,076) ​ $ (26,624,646) (Loss) gain on commodity derivative instruments, net ​ ​ (4,576,570) ​ ​ (1,022,399) ​ ​ 6,215,265 ​ ​ (35,456,734) Net cash paid on settlements of derivative instruments ​ ​ 479,005 ​ ​ 14,410,499 ​ ​ 4,787,484 ​ ​ 36,727,837 Ending fair value of derivative instruments ​ $ (1,321,327) ​ $ (25,353,543) ​ $ (1,321,327) ​ $ (25,353,543) ​ The following table presents the fair value of the Partnership’s derivative contracts for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Classification ​ Balance Sheet Location ​ 2023 ​ 2022 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ Derivative assets ​ $ 1,489,189 ​ $ — Long-term assets ​ Derivative assets ​ ​ 134,841 ​ ​ 754,786 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (1,418,027) ​ ​ (12,646,720) Long-term liabilities ​ Derivative liabilities ​ ​ (1,527,330) ​ ​ (432,142) ​ ​ ​ ​ $ (1,321,327) ​ $ (12,324,076) ​ As of September 30, 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 October 2023 - December 2023 ​ 146,464 ​ $ 76.42 ​ $ 63.00 ​ $ 88.05 January 2024 - December 2024 ​ 568,926 ​ $ 79.04 ​ $ 69.30 ​ $ 85.34 January 2025 - September 2025 ​ 417,154 ​ $ 71.10 ​ $ 64.35 ​ $ 77.01 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High October 2023 - December 2023 ​ 1,317,624 ​ $ 3.22 ​ $ 3.03 ​ $ 3.28 January 2024 - December 2024 ​ 5,285,182 ​ $ 3.97 ​ $ 3.06 ​ $ 4.48 January 2025 - September 2025 ​ 3,861,611 ​ $ 3.86 ​ $ 3.50 ​ $ 4.37 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 6—FAIR VALUE MEASUREMENTS The Partnership measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, oil, natural gas and NGL receivables, accounts receivable and other current assets and current and long-term liabilities included in the unaudited interim consolidated balance sheets approximated fair value as of September 30, 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 and nine months ended September 30, 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 September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 1,624,030 ​ $ — ​ $ — ​ $ 1,624,030 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (2,945,357) ​ $ — ​ $ — ​ $ (2,945,357) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 754,786 ​ $ — ​ $ — ​ $ 754,786 Assets of consolidated variable interest entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	9 Months Ended
	Sep. 30, 2023
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	NOTE 7—OIL AND NATURAL GAS PROPERTIES Oil and natural gas properties consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 1,709,319,998 ​ $ 1,258,290,375 Unevaluated properties ​ ​ 338,840,127 ​ ​ 207,695,343 Less: accumulated depreciation, depletion and impairment ​ ​ (772,711,451) ​ ​ (712,716,951) Total oil and natural gas properties ​ $ 1,275,448,674 ​ $ 753,268,767 ​ The net capitalized costs of proved oil and natural gas properties are subject to a full-cost ceiling limitation for which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depreciation, depletion, amortization and impairment, exceed estimated discounted future net revenues of proved oil and natural gas reserves, the excess capitalized costs are charged to expense. 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 developed producing 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 or nine months ended September 30, 2023 or 2022.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
LEASES
LEASES	NOTE 8—LEASES Substantially all of the Partnership’s leases are long-term operating leases with fixed payment terms and will terminate in June 2029. The Partnership’s right-of-use (“ROU”) operating lease assets represent its right to use an underlying asset for the lease term, and its operating lease liabilities represent its obligation to make lease payments. ROU operating lease assets and operating lease liabilities are included in the accompanying unaudited interim consolidated balance sheets. Short term operating lease liabilities are included in other current liabilities. The weighted average remaining lease term as of September 30, 2023 is 5.64 years. Both the ROU operating lease assets and liabilities are recognized at the present value of the remaining lease payments over the lease term and do not include lease incentives. The Partnership’s leases do not provide an implicit rate that can readily be determined; therefore, the Partnership used a discount rate based on its incremental borrowing rate, which is determined by the information available in the secured revolving credit facility. The incremental borrowing rate reflects the estimated rate of interest that the Partnership would pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The weighted average discount rate used for the operating leases was 6.75% for the nine months ended September 30, 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 and nine months ended September 30, 2023 and 2022. The total operating lease expense recorded for both the three months ended September 30, 2023 and 2022 was $0.1 million and $0.4 million for both the nine months ended September 30, 2023 and 2022. Currently, the most substantial contractual arrangements that the Partnership has classified as operating leases are the main office spaces used for operations. Future minimum lease commitments as of September 30, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Operating leases ​ $ 2,834,748 ​ $ 122,075 ​ $ 488,725 ​ $ 497,033 ​ $ 507,648 ​ $ 511,917 ​ $ 707,350 Less: Imputed Interest ​ (514,749) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,319,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2023
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 9—LONG-TERM DEBT On June 13, 2023, the Partnership entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”), which amended and restated the Partnership’s existing Credit Agreement, dated as of January 11, 2017 (as amended on July 12, 2018, December 8, 2020, June 7, 2022 and December 15, 2022). On July 24, 2023, the Partnership entered into Amendment No. 1 (the “First Amendment”) to the A&R Credit Agreement. The amendment amended the A&R Credit Agreement to, among other things, (i) decrease the frequency of and increase the threshold for excess cash determinations from $30.0 million to $50.0 million, and (ii) permit the Partnership to issue certain preferred equity interests. The A&R Credit Agreement provides for, among other things, (i) a senior secured reserve-based revolving credit facility in an aggregate maximum principal amount of up to $750.0 million with an initial borrowing base of $400.0 million and an initial aggregate elected commitments amount of up to $400.0 million, including a sub-facility for the issuance of letters of credit of up to $10.0 million, and (ii) an extension of the maturity date of the A&R Credit Agreement to June 7, 2027. The bears interest at a rate equal to, at the Partnership’s election, either (a) the Secured Overnight Financing Rate (as defined in the A&R Credit Agreement) plus an applicable margin that varies from 2.75% to 3.75% per annum or (b) a base rate plus an applicable margin that varies from 1.75% to 2.75% per annum, based on borrowing base utilization. The is guaranteed by certain of the Partnership’s material subsidiaries and is collateralized by substantially all assets, including the oil and natural gas properties of such subsidiaries, including mortgages on at least 75% of the PV-9 of the proved reserves constituting borrowing base properties as set forth on the Partnership’s most recent reserve report. The borrowing base will be redetermined semi-annually on or about May 1 and November 1 of each year by the Lenders, with one interim unscheduled redetermination available to each of the Partnership and a group of certain Lenders between scheduled redeterminations during each calendar year. The first scheduled redetermination will be on or around November 1, 2023. Customary borrowing base reductions and mandatory prepayments are required under the A&R Credit Agreement in connection with certain sales of certain types of borrowing base properties, sales of equity interests in guarantor subsidiaries owning such properties, certain debt issuances or certain types of swap terminations. In addition, Cash Balance (as defined in the First Amendment) above $50.0 million is required to be applied weekly to prepay loans (without a commitment reduction) if not otherwise reduced to zero in a manner permitted by the A&R Credit Agreement. The Partnership is required to pay a commitment fee of 0.50% per annum on the average daily unused portion of the current aggregate commitments under the . The Partnership is also required to pay customary letter of credit and fronting fees. The A&R Credit Agreement requires the Partnership to maintain as of the last day of each fiscal quarter: (i) a Debt to EBITDAX Ratio (as defined in the A&R Credit Agreement) of not more than 3.5 and (ii) a ratio of current assets to current liabilities of not less than 1.0 , each beginning with the fiscal quarter ending September 30, 2023. The A&R Credit Agreement also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and borrowing base certificates, conduct of business, maintenance of property, maintenance of insurance, entry into certain derivatives contracts, restrictions on the incurrence of liens, indebtedness, asset dispositions, restricted payments, and other customary covenants. These covenants are subject to a number of limitations and exceptions. Additionally, the A&R Credit Agreement contains customary events of default and remedies for credit facilities of this nature. If the Partnership does not comply with the financial and other covenants in the A&R Credit Agreement, the Lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the A&R Credit Agreement and any outstanding unfunded commitments may be terminated. In connection with the A&R Credit Agreement Partnership’s existing credit agreement &R Credit Agreement During the nine months ended September 30, 2023, the Partnership borrowed an additional $201.1 million under the secured revolving credit facility and repaid approximately $123.7 million of the outstanding borrowings. As of September 30, 2023, the Partnership’s outstanding balance was $310.4 million. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of September 30, 2023. As of September 30, 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 and nine months ended September 30, 2023, the weighted average interest rate on the Partnership’s outstanding borrowings was 8.64% and 8.56%, respectively.

PREFERRED UNITS

PREFERRED UNITS	9 Months Ended
	Sep. 30, 2023
PREFERRED UNITS
PREFERRED UNITS	NOTE 10—PREFERRED UNITS On August 2, 2023, the Partnership entered into a Series A preferred unit purchase agreement with certain funds managed by affiliates of Apollo (NYSE: APO) (collectively, the “Series A Purchasers”) to issue and sell up to 400,000 Series A Cumulative Convertible Preferred Units representing limited partner interests in the Partnership (the “Series A preferred units”). On September 13, 2023, in connection with the closing of the LongPoint Acquisition, the Partnership completed the private placement of 325,000 Series A preferred units to the Series A Purchasers for $1,000 per Series A preferred unit, resulting in gross proceeds to the Partnership of $325.0 million (the “Preferred Unit Transaction”). The Partnership used the net proceeds from the Preferred Unit Transaction to purchase 325,000 preferred units of the Operating Company (“OpCo preferred units”). The Operating Company in turn used the net proceeds to fund a portion of the LongPoint Acquisition. The Series A preferred units rank senior to the Partnership’s common units with respect to distribution rights and rights upon liquidation. Until the conversion of the Series A preferred units into common units or their redemption, holders of the Series A preferred units are entitled to receive cumulative quarterly distributions equal to 6.0% per annum plus accrued and unpaid distributions. The Partnership has the right, in any four non-consecutive quarters, to elect not to pay such quarterly distribution in cash and instead have the unpaid distribution amount added to the liquidation preference at the rate of 10.0% per annum. If the Partnership makes such an election in consecutive quarters or if the Partnership fails to pay in full, in cash and when due, any distribution owed to the Series A preferred units or otherwise materially breaches its obligations to the holders of the Series A preferred units, the distribution rate will increase to 20.0% per annum until the accumulated distributions are paid in full in cash, or any such material breach is cured, as applicable. Each holder of Series A preferred units has the right to share in any special distributions by the Partnership of cash, securities or other property pro rata with the common units on an as-converted basis, subject to customary adjustments. The Partnership cannot declare or make any distributions, redemptions, or repurchases on any junior securities, including any of their common units, prior to paying the quarterly distribution payable to the Series A preferred units, including any previously accrued and unpaid distributions. Beginning with the earlier of (i) the second anniversary of the original issuance date and (ii) immediately prior to a liquidation of the Partnership, the Series A Purchasers may, at any time (but not more often than once per quarter), elect to convert all or any portion of their Series A preferred units into a number of common units determined by multiplying the number of Series A preferred units to be converted by the then-applicable conversion rate, provided that (a) any conversion is for an amount of common units with an aggregate value of at least $10.0 million or such lesser amount that covers all of the holders’ remaining Series A preferred units and (b) the closing price of the common units is at least 130% of the conversion price of $15.07, subject to certain anti-dilution adjustments (the “Conversion Price”) for 20 trading days during the 30-trading day period immediately preceding the conversion notice. At any time on or after the second anniversary of the original issuance date, the Partnership will have the option to convert all or any portion of the Series A preferred units into a number of common units determined by the then-applicable conversion rate, provided that (i) any conversion is for an amount of common units with an aggregate value of at least $10.0 million or such lesser amount that covers all of the holders’ Series A preferred units, (ii) the common units are listed for, or admitted to, trading on a national securities exchange, (iii) the closing price of the common units is at least 160% of the Conversion Price for 20 trading days during the 30-trading day period immediately preceding the conversion notice and (iv) the Partnership has an effective registration statement on file with the SEC covering resales of the underlying common units to be received by the holders of Series A preferred units upon such conversion. The Series A preferred units are redeemable at the option of the Series A Purchasers after seven years. The Series A preferred units may be redeemed by the Partnership at any time or in the event of a change of control. The Series A preferred units may be redeemed for a cash amount per Series A preferred unit equal to the product of (a) the number of outstanding Series A preferred units multiplied by (b) the greatest of (i) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve the Minimum IRR (as defined below), (ii) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve a return on investment equal to 1.2 times with respect to such Series A p referred unit and (iii) the Series A issue price plus accrued and unpaid distributions. For purposes of the , “Minimum IRR” means as of any measurement date: (a) prior to the fifth anniversary of , a 12.0% internal rate of return with respect to the Series A preferred units; (b) on or after the fifth anniversary of the original issuance date and prior to the sixth anniversary of the original issuance date, a 13.0% internal rate of return with respect to the Series A preferred units; and (c) on or after the sixth anniversary of the original issuance date, a 14.0% internal rate of return with respect to the Series A preferred units. In connection with the issuance of the Series A preferred units, the Partnership granted holders of the Series A preferred units board observer rights beginning on the fifth anniversary of the original issuance date, board appointment rights beginning on the sixth anniversary of the original issuance date, and in the case of events of default with respect to the Series A preferred units, the right to appoint two members of the board beginning on the seventh anniversary of the original issuance date. The terms of the Series A preferred units contain covenants preventing the Partnership from taking certain actions without the approval of the holders of 66 2 / 3

UNITHOLDERS' EQUITY AND PARTNER

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2023
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	NOTE 11—UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS The Partnership has issued units representing limited partner interests. As of September 30, 2023, the Partnership had a total of 73,851,458 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 $116.1 million (the “2022 Equity Offering”). The Partnership used the net proceeds from the 2022 Equity Offering to purchase OpCo common units. Kimbell Royalty Operating, LLC (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. On August 7, 2023, the Partnership completed an underwritten public offering of 8,337,500 common units for net proceeds of approximately $110.7 million (the “2023 Equity Offering”). The Partnership used the net proceeds from the 2023 Equity Offering to purchase OpCo common units. The Operating Company in turn used the net proceeds to repay approximately $90.0 million of the outstanding borrowings under the Partnership’s secured revolving credit facility. The Operating Company used the remainder of the net proceeds of the 2023 Equity Offering for general corporate purposes. 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) Common unit issued for acquisition ​ 557,302 Common units issued for equity offering ​ 8,337,500 Conversion of Class B units ​ 6,323 Balance at September 30, 2023 ​ 73,851,458 (1) Includes restricted units granted to certain employees and directors under the Amended and Restated 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 Q2 2023 ​ $ 0.39 ​ August 2, 2023 ​ August 14, 2023 ​ August 21, 2023 Q3 2023 ​ $ 0.51 ​ November 2, 2023 ​ November 13, 2023 ​ November 20, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2022 ​ $ 0.47 ​ April 22, 2022 ​ May 2, 2022 ​ May 9, 2022 Q2 2022 ​ $ 0.55 ​ August 3, 2022 ​ August 15, 2022 ​ August 22, 2022 Q3 2022 ​ $ 0.49 ​ November 3, 2022 ​ November 14, 2022 ​ November 21, 2022 ​ 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 PER COMMON UNIT

EARNINGS PER COMMON UNIT	9 Months Ended
	Sep. 30, 2023
EARNINGS PER COMMON UNIT
EARNINGS PER COMMON UNIT	NOTE 12—EARNINGS PER COMMON UNI T Basic earnings per common unit is calculated by dividing net income attributable to common units by the weighted-average number of common units outstanding during the period. Diluted net income per common unit gives effect, when applicable, to unvested restricted units granted under the Partnership’s A&R LTIP (as defined in Note 12) for its employees, directors and consultants and potential conversion of Series A preferred units and Class B units. The Partnership uses the “if-converted” method to determine the potential dilutive effect of exchanges of outstanding Series A preferred units and 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 per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 13,580,211 ​ $ 38,343,786 ​ $ 50,368,835 ​ $ 83,536,606 Net adjustment to accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions ​ ​ — ​ ​ — ​ ​ 1,572,737 ​ ​ (17,845,231) Net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions ​ ​ 13,580,211 ​ ​ 38,343,786 ​ ​ 51,941,572 ​ ​ 65,691,375 Distribution and accretion on Series A preferred units ​ ​ 1,040,572 ​ ​ — ​ ​ 1,040,572 ​ ​ — Net income attributable to non-controlling interests in OpCo and distribution on Class B units ​ ​ 3,860,255 ​ ​ — ​ ​ 13,768,200 ​ ​ — Diluted net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 18,481,038 ​ $ 38,343,786 ​ $ 66,750,344 ​ $ 65,691,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 68,540,786 ​ ​ 55,434,641 ​ ​ 64,807,590 ​ ​ 52,302,235 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A preferred units ​ ​ 4,219,440 ​ ​ — ​ ​ 1,421,936 ​ ​ — Class B units ​ ​ 20,853,412 ​ ​ 8,211,579 ​ ​ 18,178,773 ​ ​ 11,245,161 Restricted units ​ ​ 1,355,439 ​ ​ 1,897,192 ​ ​ 1,331,514 ​ ​ 1,850,067 Diluted ​ ​ 94,969,077 ​ ​ 65,543,412 ​ ​ 85,739,813 ​ ​ 65,397,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per unit attributable to common units of Kimbell Royalty Partners, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.20 ​ $ 0.69 ​ $ 0.80 ​ $ 1.26 Diluted ​ $ 0.19 ​ $ 0.59 ​ $ 0.78 ​ $ 1.00 ​ The calculation of diluted net income per share for the three and nine months ended September 30, 2023 includes the conversion of Series A preferred units to common units and 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 income per share for the three and nine months ended September 30, 2022 includes the conversion of all Class B units to common units calculated using the “if-converted” method and units of unvested restricted units calculated using the treasury stock method.

UNIT-BASED COMPENSATION

UNIT-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION	NOTE 13—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 September 30, 2023 ​ 1,951,430 ​ $ 14.763 1.777 years ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
INCOME TAXES
INCOME TAXES	NOTE 14—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 $0.1 million and an income tax benefit of $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and an income tax expense of $2.4 million and $1.9 million for the nine months ended September 30, 2023 and 2022, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 15—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 and nine months ended September 30, 2023, no monthly services fee was paid to BJF Royalties. During the three and nine months ended September 30, 2023, the Partnership made payments to K3 Royalties in the amount of $30,000 and $90,000, respectively. The Partnership received $48,038 and $153,133 in reimbursements from Rivercrest Capital Management, LLC for shared operating expenses for the three and nine months ended September 30, 2023, respectively. Commencing on the date of the TGR IPO, TGR agreed to pay the Partnership a total of $25,000 per month for office space utilities, secretarial support and administrative services provided to members of the management team. During the nine months ended September 30, 2023, TGR incurred $50,000 as part of this service agreement. Such fees were eliminated in consolidation.

ADMINISTRATIVE SERVICES

ADMINISTRATIVE SERVICES	9 Months Ended
	Sep. 30, 2023
ADMINISTRATIVE SERVICES
ADMINISTRATIVE SERVICES	NOTE 16—ADMINISTRATIVE SERVICES Transition Services Agreement On September 13, 2023, in connection with the LongPoint Acquisition and pursuant to the terms of the securities purchase agreement, a transition services agreement (the “Transition Services Agreement”) by and between the Operating Company and FourPoint Energy, LLC (“FourPoint”), the former manager of the acquired assets, became effective. Pursuant to the Transition Services Agreement, FourPoint will provide certain administrative services and accounting assistance on a transitional basis for a monthly service fee of approximately $250,000 for the four-month period ending January 13, 2024, at which point the Transition Services Agreement will automatically renew on a month-to-month basis through January 13, 2025, unless earlier terminated by the Partnership.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 17—COMMITMENTS AND CONTINGENCIES During the normal course of business, the Partnership may experience situations where disagreements occur relating to the ownership of certain mineral or overriding royalty interest acreage. Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Partnership’s financial condition, results of operations or liquidity as of September 30, 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 18—SUBSEQUENT EVENTS The Partnership has evaluated events that occurred subsequent to September 30, 2023 in the preparation of its unaudited interim consolidated financial statements. Distributions On November 2, 2023, the Board of Directors declared a quarterly cash distribution of $0.51 per common unit and OpCo common The Partnership will pay a pro-rated quarterly cash distribution on the Series A preferred units of approximately $1.0 million for the quarter ended September 30, 2023. The Partnership intends to pay the distribution subsequent to November 13, 2023 and prior to the distribution on the common units and OpCo common units. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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
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 (as defined in Note 4), a consolidated special purpose acquisition company, through the TGR IPO (as defined in Note 4). These funds were held in an actively-traded money market fund, which invested 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 6— Fair Value Measurements.
Redeemable Non-Controlling Interest	Redeemable Non-Controlling Interest Redeemable non-controlling interests represent the shares of Class A common stock of TGR, par value $0.0001 per share (the “Class A common stock”) sold in the TGR IPO that were redeemable for cash by the public TGR shareholders that would have been concurrent 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 were initially recorded at their original issue price, net of issuance costs and the initial fair value of separately traded warrants. As of June 30, 2023, the shares had been redeemed in full.
New Accounting 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.

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Sep. 30, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS
Schedule of disaggregation of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 Oil revenue ​ $ 50,777,614 ​ $ 32,044,316 ​ $ 123,587,783 ​ $ 100,384,497 Natural gas revenue ​ ​ 12,339,244 ​ ​ 35,517,230 ​ ​ 43,528,008 ​ ​ 94,412,132 NGL revenue ​ ​ 6,120,745 ​ ​ 6,306,446 ​ ​ 16,520,185 ​ ​ 22,746,735 Total Oil, natural gas and NGL revenues ​ $ 69,237,603 ​ $ 73,867,992 ​ $ 183,635,976 ​ $ 217,543,364 ​

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2023
DERIVATIVES
Schedule of changes in fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Beginning fair value of derivative instruments ​ $ 2,776,238 ​ $ (38,741,643) ​ $ (12,324,076) ​ $ (26,624,646) (Loss) gain on commodity derivative instruments, net ​ ​ (4,576,570) ​ ​ (1,022,399) ​ ​ 6,215,265 ​ ​ (35,456,734) Net cash paid on settlements of derivative instruments ​ ​ 479,005 ​ ​ 14,410,499 ​ ​ 4,787,484 ​ ​ 36,727,837 Ending fair value of derivative instruments ​ $ (1,321,327) ​ $ (25,353,543) ​ $ (1,321,327) ​ $ (25,353,543)
Schedule of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Classification ​ Balance Sheet Location ​ 2023 ​ 2022 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Current assets ​ Derivative assets ​ $ 1,489,189 ​ $ — Long-term assets ​ Derivative assets ​ ​ 134,841 ​ ​ 754,786 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (1,418,027) ​ ​ (12,646,720) Long-term liabilities ​ Derivative liabilities ​ ​ (1,527,330) ​ ​ (432,142) ​ ​ ​ ​ $ (1,321,327) ​ $ (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 October 2023 - December 2023 ​ 146,464 ​ $ 76.42 ​ $ 63.00 ​ $ 88.05 January 2024 - December 2024 ​ 568,926 ​ $ 79.04 ​ $ 69.30 ​ $ 85.34 January 2025 - September 2025 ​ 417,154 ​ $ 71.10 ​ $ 64.35 ​ $ 77.01 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High October 2023 - December 2023 ​ 1,317,624 ​ $ 3.22 ​ $ 3.03 ​ $ 3.28 January 2024 - December 2024 ​ 5,285,182 ​ $ 3.97 ​ $ 3.06 ​ $ 4.48 January 2025 - September 2025 ​ 3,861,611 ​ $ 3.86 ​ $ 3.50 ​ $ 4.37 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 1,624,030 ​ $ — ​ $ — ​ $ 1,624,030 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (2,945,357) ​ $ — ​ $ — ​ $ (2,945,357) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ 754,786 ​ $ — ​ $ — ​ $ 754,786 Assets of consolidated variable interest entities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 30, 2023
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 1,709,319,998 ​ $ 1,258,290,375 Unevaluated properties ​ ​ 338,840,127 ​ ​ 207,695,343 Less: accumulated depreciation, depletion and impairment ​ ​ (772,711,451) ​ ​ (712,716,951) Total oil and natural gas properties ​ $ 1,275,448,674 ​ $ 753,268,767

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
LEASES
Schedule of future minimum lease commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ 2027 ​ Thereafter Operating leases ​ $ 2,834,748 ​ $ 122,075 ​ $ 488,725 ​ $ 497,033 ​ $ 507,648 ​ $ 511,917 ​ $ 707,350 Less: Imputed Interest ​ (514,749) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 2,319,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

UNITHOLDERS' EQUITY AND PARTN_2

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 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 Q2 2023 ​ $ 0.39 ​ August 2, 2023 ​ August 14, 2023 ​ August 21, 2023 Q3 2023 ​ $ 0.51 ​ November 2, 2023 ​ November 13, 2023 ​ November 20, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2022 ​ $ 0.47 ​ April 22, 2022 ​ May 2, 2022 ​ May 9, 2022 Q2 2022 ​ $ 0.55 ​ August 3, 2022 ​ August 15, 2022 ​ August 22, 2022 Q3 2022 ​ $ 0.49 ​ November 3, 2022 ​ November 14, 2022 ​ November 21, 2022 ​
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) Common unit issued for acquisition ​ 557,302 Common units issued for equity offering ​ 8,337,500 Conversion of Class B units ​ 6,323 Balance at September 30, 2023 ​ 73,851,458 (1) Includes restricted units granted to certain employees and directors under the Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan on February 21, 2023.

EARNINGS PER COMMON UNIT (Table

EARNINGS PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2023
EARNINGS PER COMMON UNIT
Schedule of earnings per common unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 13,580,211 ​ $ 38,343,786 ​ $ 50,368,835 ​ $ 83,536,606 Net adjustment to accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions ​ ​ — ​ ​ — ​ ​ 1,572,737 ​ ​ (17,845,231) Net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions ​ ​ 13,580,211 ​ ​ 38,343,786 ​ ​ 51,941,572 ​ ​ 65,691,375 Distribution and accretion on Series A preferred units ​ ​ 1,040,572 ​ ​ — ​ ​ 1,040,572 ​ ​ — Net income attributable to non-controlling interests in OpCo and distribution on Class B units ​ ​ 3,860,255 ​ ​ — ​ ​ 13,768,200 ​ ​ — Diluted net income attributable to common units of Kimbell Royalty Partners, LP ​ $ 18,481,038 ​ $ 38,343,786 ​ $ 66,750,344 ​ $ 65,691,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 68,540,786 ​ ​ 55,434,641 ​ ​ 64,807,590 ​ ​ 52,302,235 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A preferred units ​ ​ 4,219,440 ​ ​ — ​ ​ 1,421,936 ​ ​ — Class B units ​ ​ 20,853,412 ​ ​ 8,211,579 ​ ​ 18,178,773 ​ ​ 11,245,161 Restricted units ​ ​ 1,355,439 ​ ​ 1,897,192 ​ ​ 1,331,514 ​ ​ 1,850,067 Diluted ​ ​ 94,969,077 ​ ​ 65,543,412 ​ ​ 85,739,813 ​ ​ 65,397,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per unit attributable to common units of Kimbell Royalty Partners, LP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.20 ​ $ 0.69 ​ $ 0.80 ​ $ 1.26 Diluted ​ $ 0.19 ​ $ 0.59 ​ $ 0.78 ​ $ 1.00

UNIT-BASED COMPENSATION (Tables

UNIT-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 ​ 1,951,430 ​ $ 14.763 1.777 years ​

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting
Number of operating units	1
Number of reporting units	1

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Feb. 08, 2022 $ / shares
Kimbell Tiger Acquisition Corporation | Class A
Common Stock par value (in dollars per share)	$ 0.0001

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from External Customer [Line Items]
Total revenue	$ 69,237,603	$ 73,867,992	$ 183,635,976	$ 217,543,364
Oil revenue
Revenue from External Customer [Line Items]
Total revenue	50,777,614	32,044,316	123,587,783	100,384,497
Natural gas revenue
Revenue from External Customer [Line Items]
Total revenue	12,339,244	35,517,230	43,528,008	94,412,132
NGL revenue
Revenue from External Customer [Line Items]
Total revenue	$ 6,120,745	$ 6,306,446	$ 16,520,185	$ 22,746,735

ACQUISITIONS, JOINT VENTURE A_2

ACQUISITIONS, JOINT VENTURE AND SPECIAL PURPOSE ACQUISITION COMPANY - Acquisitions (Details)							3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 13, 2023 USD ($)	May 22, 2023 USD ($)	May 17, 2023 USD ($) shares	May 08, 2023 item	Dec. 15, 2022 USD ($) a shares	Feb. 08, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Jun. 19, 2019
Acquisitions
Common units sold to public							$ 110,711,383
Assets							1,389,784,909	$ 1,389,784,909	$ 1,076,746,299
Liabilities							$ 329,279,800	$ 329,279,800	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 | IPO
Acquisitions
Common units sold to public						$ 230,000,000
Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP.
Acquisitions
Ownership interest (as a percent)										49.30%
Kimbell Tiger Acquisition Corporation
Acquisitions
Redemption of equity in variable interest entity		$ 1,600,000
Period for each business combination extension				3 months
Number of business combination extensions | item				2
Common Units
Acquisitions
Common units issued for equity offering (in units) | shares								8,337,500
Class A | Kimbell Tiger Acquisition Corporation
Acquisitions
Common Stock par value (in dollars per share) | $ / shares						$ 0.0001
LongPoint Minerals II, LLC
Acquisitions
Purchase price cash, gross	$ 455,000,000
Transactional costs	7,400,000
Post-effective net oil, natural gas and NGL revenues earned prior to the closing date	16,600,000
Acquisition asset allocation
Proved properties	198,200,000
Unevaluated properties	$ 247,600,000
MB Minerals, L.P. and certain of its affiliates
Acquisition asset allocation
Proved properties			$ 60,800,000
Unevaluated properties			74,900,000
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
MB Minerals, L.P.
Acquisitions
Purchase price cash, gross			$ 48,800,000
MB Minerals, L.P. | OpCo Units
Acquisitions
Business Acquisition issuance of common units | shares			5,369,218
MB Minerals, L.P. | Class B Common Units
Acquisitions
Business Acquisition issuance of common units | shares			557,302

DERIVATIVES (Details)

DERIVATIVES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) $ / bbl MMBbls	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / bbl MMBbls	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 17, 2022	Jan. 27, 2021 USD ($)
Change in fair values of derivative instruments
Beginning fair value of commodity derivative instruments | $	$ 2,776,238	$ (38,741,643)	$ (12,324,076)	$ (26,624,646)
(Loss) gain on commodity derivative instruments, net | $	(4,576,570)	(1,022,399)	6,215,265	(35,456,734)
Net cash paid on settlements of derivative instruments | $	479,005	14,410,499	4,787,484	36,727,837
Ending fair value of commodity derivative instruments | $	(1,321,327)	(25,353,543)	(1,321,327)	(25,353,543)
Assets:
Current assets | $	1,489,189		1,489,189
Long-term assets | $	134,841		134,841		$ 754,786
Liabilities:
Current liability | $	(1,418,027)		(1,418,027)		(12,646,720)
Long-term liability | $	(1,527,330)		(1,527,330)		(432,142)
Derivative assets (liabilities) | $	$ (1,321,327)	(25,353,543)	$ (1,321,327)	(25,353,543)	$ (12,324,076)
Interest Rate Swap
Derivatives
Derivative, Notional Amount | $							$ 150,000,000
Unwind notional amount (as a percent)						50%
Change in fair values of derivative instruments
Gain on interest rate swap | $		$ 3,400,000		$ 6,400,000
Oil Price Swaps - October 2023 - December 2023
Derivatives
Notional Volumes | MMBbls	146,464		146,464
Weighted Average Fixed Price	76.42		76.42
Oil Price Swaps - January 2024 - December 2024
Derivatives
Notional Volumes | MMBbls	568,926		568,926
Weighted Average Fixed Price	79.04		79.04
Oil Price Swaps - January 2025 - September 2025
Derivatives
Notional Volumes | MMBbls	417,154		417,154
Weighted Average Fixed Price	71.10		71.10
Natural Gas Price Swaps - October 2023 - December 2023
Derivatives
Notional Volumes | MMBbls	1,317,624		1,317,624
Weighted Average Fixed Price	3.22		3.22
Natural Gas Price Swaps - January 2024 - December 2024
Derivatives
Notional Volumes | MMBbls	5,285,182		5,285,182
Weighted Average Fixed Price	3.97		3.97
Natural Gas Price Swaps - January 2025 - September 2025
Derivatives
Notional Volumes | MMBbls	3,861,611		3,861,611
Weighted Average Fixed Price	3.86		3.86
Minimum | Oil Price Swaps - October 2023 - December 2023
Derivatives
Weighted Average Fixed Price	63		63
Minimum | Oil Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	69.30		69.30
Minimum | Oil Price Swaps - January 2025 - September 2025
Derivatives
Weighted Average Fixed Price	64.35		64.35
Minimum | Natural Gas Price Swaps - October 2023 - December 2023
Derivatives
Weighted Average Fixed Price	3.03		3.03
Minimum | Natural Gas Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	3.06		3.06
Minimum | Natural Gas Price Swaps - January 2025 - September 2025
Derivatives
Weighted Average Fixed Price	3.50		3.50
Maximum | Oil Price Swaps - October 2023 - December 2023
Derivatives
Weighted Average Fixed Price	88.05		88.05
Maximum | Oil Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	85.34		85.34
Maximum | Oil Price Swaps - January 2025 - September 2025
Derivatives
Weighted Average Fixed Price	77.01		77.01
Maximum | Natural Gas Price Swaps - October 2023 - December 2023
Derivatives
Weighted Average Fixed Price	3.28		3.28
Maximum | Natural Gas Price Swaps - January 2024 - December 2024
Derivatives
Weighted Average Fixed Price	4.48		4.48
Maximum | Natural Gas Price Swaps - January 2025 - September 2025
Derivatives
Weighted Average Fixed Price	4.37		4.37

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Commodity Derivative contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	$ 1,624,030	$ 754,786
Derivative contracts liabilities	(2,945,357)	(13,078,862)
Commodity Derivative contract | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets	1,624,030	754,786
Derivative contracts liabilities	$ (2,945,357)	(13,078,862)
Assets Held In Trust | Consolidated variable interest entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets		240,621,146
Assets Held In Trust | Level 1 | Consolidated variable interest entities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts assets		$ 240,621,146

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
OIL AND NATURAL GAS PROPERTIES
Proved properties	$ 1,709,319,998		$ 1,709,319,998		$ 1,258,290,375
Unevaluated properties	338,840,127		338,840,127		207,695,343
Less: accumulated depreciation, depletion, and impairment	(772,711,451)		(772,711,451)		(712,716,951)
Total oil and natural gas properties, net	1,275,448,674		$ 1,275,448,674		$ 753,268,767
Net revenues discounting percentage at future			10%
Impairment of oil and natural gas properties	$ 0	$ 0	$ 0	$ 0

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
LEASES
Operating lease weighted average remaining lease term	5 years 7 months 20 days		5 years 7 months 20 days
Operating lease weighted average discount rate (as a percent)	6.75%		6.75%
Operating lease expense	$ 100,000	$ 100,000	$ 400,000	$ 400,000
2023	122,075		122,075
2024	488,725		488,725
2025	497,033		497,033
2026	507,648		507,648
2027	511,917		511,917
Thereafter	707,350		707,350
Total operating leases	2,834,748		2,834,748
Less Imputed Interest	(514,749)		(514,749)
Total	$ 2,319,999		$ 2,319,999

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 13, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Jul. 24, 2023	Jul. 23, 2023
Long-term debt
Minimum percentage of proved reserves constituting borrowings based properties (as a percent)		75%	75%
Amortization of Debt Issuance Costs			$ 1,414,074	$ 1,381,717
Debt extinguishment			500,000
Borrowings of debt			201,084,089	43,200,000
Repayment of debt			123,700,000	$ 56,400,000
Revolving credit facility
Long-term debt
Revolving credit facility outstanding		$ 310,400,000	$ 310,400,000
Excess cash determinations					$ 50,000,000	$ 30,000,000
Interest rate on outstanding borrowings (as a percent)		8.64%	8.56%
Borrowings of debt			$ 201,100,000
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%	350%
Revolving credit facility | Minimum
Long-term debt
Current assets to current liabilities ratio		100%	100%
Standby and/or commercial letters of credit
Long-term debt
Revolving credit facility maximum borrowings	$ 10,000,000
Senior Secured Reserve Based Revolving Credit Facility
Long-term debt
Revolving credit facility maximum borrowings	750,000,000
Borrowing base	400,000,000
Initial aggregate elected commitments amount	400,000,000
Minimum cash balance required to be applied weekly to prepay loans	50,000,000
Reduced cash balance as permitted by agreement	$ 0
Commitment fees (as a percent)	0.50%
Senior Secured Reserve Based Revolving Credit Facility | Maximum | SOFR
Long-term debt
Margin (as a percent)	3.75%
Senior Secured Reserve Based Revolving Credit Facility | Maximum | Base Rate
Long-term debt
Margin (as a percent)	2.75%
Senior Secured Reserve Based Revolving Credit Facility | Minimum | SOFR
Long-term debt
Margin (as a percent)	2.75%
Senior Secured Reserve Based Revolving Credit Facility | Minimum | Base Rate
Long-term debt
Margin (as a percent)	1.75%

PREFERRED UNITS - Other (Detail

PREFERRED UNITS - Other (Details)			3 Months Ended
	Sep. 13, 2023 USD ($) D item $ / shares shares	Aug. 02, 2023 shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2022 shares
Preferred units
Temporary equity, issued (in units)			325,000	0
Liquidation preference rate (in percentage)	10%
Increased distribution rate	20%
Series A preferred units deemed distributions | $			$ 1,040,572
Temporary equity, outstanding (in units)			325,000	0
Series A Preferred Units
Preferred units
The period after issuance securities become convertible	7 years
Percentage of cash distributions per annum	6%
Number of members of board | item	2
Ownership required to grant the approval	66.67%
Ratio of return on investment to preferred units	1.2
Series A Preferred Units | Series A Issuance Date
Preferred units
Minimum internal rate of return (as percent)	12%
Series A Preferred Units | On or after the fifth anniversary of the Series A Issuance Date and prior to the sixth anniversary
Preferred units
Minimum internal rate of return (as percent)	13%
Series A Preferred Units | On or after the sixth anniversary
Preferred units
Minimum internal rate of return (as percent)	14%
Series A Preferred Units | Minimum | The Partnership
Preferred units
Aggregate value of common units to be issued for preferred units | $	$ 10,000,000
Percentage of closing price to the conversion price	160%
Threshold trading days for transfer, assign or sale of units preceding the conversion notice | D	20
Threshold consecutive trading days for transfer, assign or sale of units preceding the conversion notice | D	30
Affiliates of Apollo Capital Management, L.P. | LongPoint Minerals II, LLC
Preferred units
Series A preferred units issued	325,000
Affiliates of Apollo Capital Management, L.P. | Series A Preferred Units | Kimbell Royalty Operating, LLC
Preferred units
Temporary equity, issued (in units)	325,000
Affiliates of Apollo Capital Management, L.P. | Series A Preferred Units | LongPoint Minerals II, LLC
Preferred units
Share price (in dollars per unit) | $ / shares	$ 1,000
Proceeds from the issuance of preferred units | $	$ 325,000,000
Affiliates of Apollo Capital Management, L.P. | Series A Preferred Stock
Preferred units
Series A preferred units issued		400,000
Series A Purchasers | Minimum
Preferred units
Percentage of closing price to the conversion price	130%
Conversion price of units | $ / shares	$ 15.07
Series A Purchasers | Series A Preferred Units | Minimum
Preferred units
Aggregate value of common units to be issued for preferred units | $	$ 10,000,000
Threshold trading days for transfer, assign or sale of units preceding the conversion notice | D	20
Threshold consecutive trading days for transfer, assign or sale of units preceding the conversion notice | D	30

UNITHOLDERS' EQUITY AND PARTN_3

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Details) - USD ($)		1 Months Ended	3 Months Ended						9 Months Ended
	Aug. 07, 2023	Nov. 30, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Common units
Units issued (in units)			73,851,458						73,851,458		64,231,833
Units outstanding (in units)			73,851,458						73,851,458		64,231,833
Repayment of debt									$ 123,700,000	$ 56,400,000
Capital rollforward
Unitholders' capital, beginning balance (in units)					64,231,833				64,231,833
Unitholders' capital, ending balance (in units)			73,851,458						73,851,458
Cash distributions declared and paid (in dollars per unit)			$ 0.51	$ 0.39	$ 0.35	$ 0.49	$ 0.55	$ 0.47
Common Units
Common units
Units issued (in units)			73,851,458						73,851,458
Units outstanding (in units)			73,851,458						73,851,458		64,231,833
Capital rollforward
Unitholders' capital, beginning balance (in units)					64,231,833				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)
Common unit issued for acquisition (in units)									557,302
Common units issued for equity offering (in units)									8,337,500
Conversion of Class B Units (in units)									6,323
Unitholders' capital, ending balance (in units)			73,851,458						73,851,458
Class B
Capital rollforward
Cash distributions (as a percent)									2%
Class B Common Units
Common units
Units outstanding (in units)			20,847,295						20,847,295
Capital rollforward
Unitholders' capital, ending balance (in units)			20,847,295						20,847,295
Additional consideration paid per unit (in dollars per unit)									$ 0.05
Public Offering
Common units
Units issued (in units)	8,337,500	6,900,000
Proceeds from equity offering	$ 110,700,000	$ 116,100,000
Repayment of debt	$ 90,000,000	$ 116,000,000

EARNINGS PER COMMON UNIT (Detai

EARNINGS PER COMMON UNIT (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per unit
Net income attributable to common units of Kimbell Royalty Partners, LP	$ 13,580,211	$ 38,343,786	$ 50,368,835	$ 83,536,606
Net adjustment to accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions			(1,572,737)	17,845,231
Net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions	13,580,211	38,343,786	51,941,572	65,691,375
Distribution and accretion on Series A preferred units	1,040,572		1,040,572
Diluted net income attributable to common units of Kimbell Royalty Partners, LP	$ 18,481,038	$ 38,343,786	$ 66,750,344	$ 65,691,375
Weighted average number of common units outstanding Basic (in units)	68,540,786	55,434,641	64,807,590	52,302,235
Weighted average number of common units outstanding Diluted (in units)	94,969,077	65,543,412	85,739,813	65,397,463
Net income per unit attributable to common units (basic) (in dollar per share)	$ 0.20	$ 0.69	$ 0.80	$ 1.26
Net income per unit attributable to common units (diluted) (in dollar per share)	$ 0.19	$ 0.59	$ 0.78	$ 1
Series A Preferred Units
Earnings per unit
Distribution and accretion on Series A preferred units	$ 1,040,572		$ 1,040,572
Class B
Earnings per unit
Net income attributable to non-controlling interests in OpCo and distribution on Class B units	$ 3,860,255		$ 13,768,200
Restricted Units
Earnings per unit
Weighted average number of common units outstanding (in units)	1,355,439	1,897,192	1,331,514	1,850,067
Series A Preferred Units
Earnings per unit
Weighted average number of common units outstanding (in units)	4,219,440		1,421,936
Class B Common Units
Earnings per unit
Weighted average number of common units outstanding (in units)	20,853,412	8,211,579	18,178,773	11,245,161

UNIT-BASED COMPENSATION (Detail

UNIT-BASED COMPENSATION (Details) - Long-Term Incentive Plan - $ / shares		9 Months Ended	12 Months Ended
	May 18, 2022	Sep. 30, 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		1 year 9 months 9 days	1 year 6 months 6 days

INCOME TAXES - (Details)

INCOME TAXES - (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME TAXES
Income tax expense (benefit)	$ 128,359	$ (224,883)	$ 2,440,399	$ 1,850,357

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transactions
Total revenue	$ 67,204,273	$ 72,922,972	$ 194,873,007	$ 179,388,149
Related Party
Related Party Transactions
Due from related parties	25,000		25,000
Total revenue	50,000		50,000
Related Party | BJF Royalties
Related Party Transactions
Payments made to related parties	0		0
Related Party | K3 Royalties
Related Party Transactions
Payments made to related parties	30,000		90,000
Related Party | Rivercrest Capital Management, LLC
Related Party Transactions
Related party expense reimbursement received	$ 48,038		$ 153,133

ADMINISTRATIVE SERVICES (Detail

ADMINISTRATIVE SERVICES (Details)	Sep. 13, 2023 USD ($)
LongPoint Acquisition
Transition Service Agreement amount of administrative services to be received	$ 250,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Nov. 13, 2023	Nov. 02, 2023
Common Units
Subsequent events
Cash distributions declared (in dollars per unit)		$ 0.51
Forecast | Series A Preferred Stock
Subsequent events
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Declared	$ 1
Operating Company
Subsequent events
Cash distributions declared (in dollars per unit)		$ 0.51

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false