NOTE 4—ACQUISITIONS

On June 22, 2026, the Partnership completed the acquisition of mineral and royalty interests from Mesa Visa Royalties, LLC and certain of its affiliates (the “Mesa Acquisition) in a transaction valued at approximately $146.1 million, including transaction costs and certain customary post-closing adjustments. The aggregate consideration for the Mesa Acquisition consisted of approximately $44.0 million in cash and the issuance of 6,929,000 common units representing limited liability company interests in OpCo (“OpCo common units”) and an equal number of Class B units representing limited partner interests in Kimbell (“Class B units”). The Partnership funded the cash consideration of the purchase price with borrowings under its secured revolving credit facility. The oil and gas properties are located in Loving, Ward, Upton, Howard, Glasscock, Martin, Winkler, Culberson, Midland, Pecos, Borden, Reagan, Reeves and Dawson Counties, Texas, and Eddy and Lea Counties, New Mexico. The Mesa Acquisition was accounted for as an asset acquisition and the allocation of the purchase price was $73.1 million to proved developed properties and $73.0 million to unevaluated properties.

On January 17, 2025, the Partnership completed the acquisition of mineral and royalty interests from Boren Minerals (the “Boren Acquisition”) in a transaction valued at approximately $230.4 million, including transaction costs and certain customary post-closing adjustments. The Partnership funded the cash consideration of the purchase price with borrowings under its secured revolving credit facility and net proceeds from the 2025 Equity Offering (as defined in Note 11). The oil and gas properties acquired are located under the Mabee Ranch in the Midland Basin in Texas. The Boren Acquisition was accounted for as an asset acquisition and the allocation of the purchase price was $94.9 million to proved developed properties and $127.8 million to unevaluated properties.