Kimbell Royalty Partners is a publicly traded limited partnership that owns mineral and royalty interests in oil and natural gas properties across the U.S. Kimbell does not drill or operate wells — it owns the underlying mineral rights to land and collects a royalty, typically a cost-free percentage of production revenue, from the operators who do the actual drilling and production work. As of year-end 2025, Kimbell owned mineral interests in roughly 12.3 million gross acres and overriding royalty interests in roughly 4.7 million gross acres across 28 states and every major onshore U.S. basin, with about 54% of acreage in the Permian Basin and Mid-Continent. Kimbell had interests in over 133,000 gross wells with approximately 1,300 active operators. The core structural advantage of this model is that Kimbell bears zero capital costs — operators fund all drilling, completion, and operating expenses, while Kimbell simply receives a share of revenue. Because capital requirements are minimal, Kimbell distributes 75% of cash available for distribution to unitholders as quarterly distributions, with the remaining 25% used to pay down revolving credit facility debt. Kimbell grows through two channels: organic growth, as operators continue developing existing acreage at no cost to Kimbell, and acquisitions of mineral and royalty packages from third parties. Kimbell targets acquisitions in the $100M–$500M range, using its $625M revolving credit facility to fund deals and paying down debt with operating cash flow over time.