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Kimbell Royalty Partners, LP (KRP · NYSE)

Name: Kimbell Royalty Partners, LP (KRP) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Minerals & royalty — HQ United States. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Minerals & royaltyRegion N. AmericaCEO Robert Ravnaas (2017)Jurisdiction risk Low (23)

Overview

Diversified US minerals & royalty LP owning interests in ~130,000+ gross producing wells across every major onshore basin, generating royalty income with zero capital or operating cost and ~144,000 net royalty acres.

FY2025 revenue $333.8M, adjusted EBITDA $268.1M, run-rate production 25,627 boe/d (31% oil / 48% gas / 21% NGL); ~75% payout drives a ~10.5% distribution yield with low leverage (net debt ~$398M, 1.5x EBITDA).

Valuation snapshot (FY2025)

Market cap

$1.6bn

Enterprise value

$2.0bn

EV / EBITDA

7.5x

P / E

16.1x

FCF yield

15.0%

Dividend yield

10.5%

ROACE

Debt / equity

61%

Net debt / EBITDA

1.5x

EV / reserves

$27.67/boe

EV / flowing

$79k/boe/d

Free cash flow

$0.2bn

Its EV/EBITDA of 7.5x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 15.0% is higher than the 6.5% median, and at $27.67/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Kimbell Royalty Partners, LP scores 49/100, strongest on growth (55/100). Sub-scores: value 54, quality 47, growth 55, risk 59 (higher = riskier).

Reserves & production

Kimbell Royalty Partners, LP holds approximately 0.07 billion boe of proved (1P) reserves with FY2025 production of about 26 thousand boe/d (52% liquids), a reserve life of roughly 7.8 years. Break-even: n/a (royalty model — no operating breakeven) — receives revenue with no capex/opex; economics driven by lessee drilling activity and price

Net asset value (public-source)

For Kimbell Royalty Partners, LP, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

23 /100

Low jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
United States	100%	23	Stable, deep; federal-lands leasing and permitting policy swings.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Royalty interest	United States	Permian (Midland/Delaware)	Largest basin exposure; oil-weighted
Royalty interest	United States	Mid-Continent (SCOOP/STACK, Anadarko)	Gas/liquids-rich acreage
Royalty interest	United States	Eagle Ford	Oil & condensate royalty acreage, South Texas
Royalty interest	United States	Bakken / Williston	Oil-weighted royalty interests
Royalty interest	United States	DJ Basin	Colorado oil royalty acreage
Royalty interest	United States	Appalachia (Marcellus/Utica)	Dry-gas royalty exposure
Royalty interest	United States	Haynesville	Natural gas royalty acreage

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	15	16	24	25	26
Proved reserves (bnboe)	0.05	0.06	0.07	0.07	0.07
Revenue ($bn)	0.3	0.3	0.3	0.3	0.3
EBITDA ($bn)	0.2	0.2	0.3	0.3	0.3
Net income ($bn)	0.1	0.1	0.1	0.1	0.1
Free cash flow ($bn)	0.2	0.2	0.2	0.2	0.2

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Peer companies — Minerals & royalty

TPL · Texas Pacific Land Corporation VNOM · Viper Energy PSK · PrairieSky Royalty Ltd.TPZ · Topaz Energy Corp.BSM · Black Stone Minerals, L.P.FRU · Freehold Royalties Ltd.DMLP · Dorchester Minerals, L.P.VTS · Vitesse Energy

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare KRP against 141 peers in the interactive screener