SUMMER 2020 INVESTOR PRESENTATION CONFIDENTIAL NOT FOR DISTRIBUTION
Table of Contents Section I Company Overview and History Section II Detailed Asset Overview Section III Mineral Market Opportunity 3
Section I Company Overview and History 4
Kimbell Overview Company Overview Q120 Revenue by Basin(10) Royalty interests in over 96,000 gross wells across 13 million gross acres (approximately 146,000 net royalty acres) in the lower 48, with significant positions Other…
Consistent Organic Growth over the Last 20 Years Kimbells assets have proven resilient through multiple commodity price cycles and geopolitical events Kimbell Organic Net Production Growth (2000-2019)(1) 1,900,000 OPEC fails to…
Minerals are Subsurface Real Estate Kimbells 8% organic PDP reserve growth for 2019 is akin to adding additional floors to a subsurface building 40,912 MBoe Acquisitions 4,661 MBoe 33,633 MBoe Plus: Revisions PDP Reserves 7,134…
Sustainable PDP Reserves Kimbell has one of the best historical reserve-to-production ratios in the minerals industry (and overall energy sector) at 8.7 years 2019 Year-End PDP Reserves/Q4 2019 Annualized Daily Production(1)…
Expected Favorable Tax Treatment of Earnings and Distributions(1) Kimbell expects that: The company will pay no material amount of federal corporate income taxes from 2020 through 2026 (less than 5% of Kimbells estimated pre-tax…
Kimbells Track Record Since IPO Production Growth (Boe/d)(1) Net Royalty Acres(3) 15,188 143,166 143,166 143,166 143,758 145,939 131,909 12,785 12,828 11,958 11,807 115,256 115,256 10,066 8,546 69,807 69,807 71,336 71,276…
Kimbells Rig Count Growth Over Time Active Rigs on Acreage by Basin(1) Rig Count Change since Q1 2017 Rockies Eagle Ford 3% 11% 75 3 2 8 11 Bakken Permian 8 15% 40% 24 13 75 Rigs 1 3 4 1 30 Appalachia 15 4% 1Q'17 1Q'20…
Active Rigs Drilling on Kimbells Acreage (as of 3/31/2020) Kimbell has 75 active rigs (97% horizontal) drilling on our acreage at no cost to us Permian Mid-Continent Bakken Well Name Operator County/State Well Name Operator…
Kimbell has an Optimal Balance of Unconventional and Conventional Assets Kimbell has approximately 28% of its overall production from conventional assets including certain Enhanced Oil Recovery (EOR) projects. This conventional…
5-Year PDP Decline Forecast Shallow decline rates from both its conventional and unconventional assets help to create Kimbells superior overall PDP decline rate of 12%. This is in contrast to many of the working interest companies and…
Company Highlights Net Royalty Acre position of approximately 146,000 acres(1) across multiple producing basins provides diversified scale Key basins include the Permian and Mid-Con where 44% of the Net Royalty Acres are located 98%…
Section II Detailed Asset Overview 16
Scale Across Lower 48 Over 13.0 million gross acres across 28 states and in every major producing basin 98% of all rigs in the Lower 48 are in counties where Kimbell holds mineral interests positions(1) (1) Based on DrillingInfo…
Kimbells Permian Position 2.6 million gross and 22,600 net royalty acres represent approximately 20% and 16%, respectively, of Kimbells acreage portfolio 30 rigs operating on KRPs Permian acreage Q120 run-rate production of 1,947…
Kimbells Mid-Continent Position 3.9 million gross and 40,900 net royalty acres represent approximately 29% and 28%, respectively, of Kimbells acreage portfolio 13 rigs operating on KRPs Mid-Con acreage Q120 run-rate production of…
Kimbells Haynesville Position 745,800 gross and 7,100 net royalty acres represent approximately 6% and 5%, respectively, of Kimbells acreage portfolio 8 rigs operating on KRPs Haynesville acreage Q120 run-rate production of 1,914…
Kimbells Appalachia Position 721,700 gross and 23,100 net royalty acres represent approximately 5% and 16%, respectively, of Kimbells acreage portfolio 3 rigs operating on KRPs Appalachia acreage Q120 run-rate production of 1,944…
Kimbells Eagle Ford Position 618,100 gross and 6,700 net royalty acres represent approximately 5% and 5%, respectively, of Kimbells acreage portfolio 8 rigs operating on KRPs Eagle Ford acreage Q120 run-rate production of 1,671…
Kimbells Bakken Position 1.6 million gross and 6,000 net royalty acres represent approximately 12% and 4%, respectively, of Kimbells acreage portfolio 11 rigs operating on KRPs Bakken acreage Q120 run-rate production of 576…
Section III Mineral Market Opportunity 24
Positioned for Growth Through Acquisitions Acquisitions from Current Sponsors Sizing the Minerals Market Existing Kimbell Sponsors remaining assets have Total Minerals Market Size(1): 300 billion production and reserve…
Highest Cash Flow Yield Across Multiple Sectors U.S. oil and gas royalty companies offer an attractive 11.3% yield versus the rest of the public space, including integrated companies and large cap E&Ps. In addition, royalty companies…
Appendix 27
History Kimbell has a strong track record of success as a natural consolidator in the mineral and royalty industry With a Closed Closed drop Entered Closed 36 million 1998 February 2017 July 2018 December 2018…
Production and Net Royalty Acreage Overview Q120 Production from Some of the Most Net Royalty Acres(2) Economic Areas (Boe/d)(1) Other Haynesville Other 19% 15% 25% Mid-Continent 28% Rockies 3% Rockies…
Defining a Net Royalty Acre The calculation of a Net Royalty Acre differs across industry participants Kimbell calculates its Net Royalty Acres(1) as follows: Net Mineral Acres x Royalty Interest(2) This methodology provides a…
Mineral Interests Generally Senior to All Claims in Capital Structure In many states, mineral and royalty interests are considered by law to be real property interests and are thus afforded additional protections under bankruptcy…
Overview of Mineral & Royalty Interests Minerals NPRIs ORRIs Perpetual real-property interests that Nonparticipating royalty interests Overriding royalty interests grant oil and natural gas ownership under a tract of land Royalty…
Historical Selected Financial Data Non-GAAP Reconciliation (in thousands) Three Months Ended March 31, 2020 Net loss (59,784) Depreciation and depletion expense 13,271 Interest expense 1,421 Consolidated EBITDA (45,092)…
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