 FORT WORTH, Texas, May 6, 2021 PRNewswire -- Kimbell Royalty Partners, LP NYSE: KRP Kimbell or the Company, a leading owner of oil and natural gas mineral and royalty interests in more than 97,000 gross wells across 28 states, today announced financial and operating results for the quarter ended March 31, 2021. First Quarter 2021 Highlights Q1 2021 daily production of 13,721 barrels of oil equivalent Boe per day 6:1 Q1 2021 production was composed of approximately 61 from natural gas and approximately 39 from liquids 26 from oil and 13 from natural gas liquids NGL 6:1 Q1 2021 oil, natural gas and NGL revenues of 36.4 million, an increase of 40 from Q4 2020, reflecting improved realized commodity prices Q1 2021 net income of approximately 537,000 and net loss attributable to common units of approximately 704,000; compared to a Q4 2020 net loss of 93.8 million and net loss attributable to common units of 62.2 million Q1 2021 consolidated Adjusted EBITDA of 26.0 million, an increase of 46 from Q4 2020 Announced the results of a detailed portfolio review of Kimbells 13 million gross acres: Total 10,160 gross and 68.1 net, 100 net revenue interest or NRI, of undrilled locations includes only major properties and excludes minor properties, which Kimbell estimates could add up to an additional 20 to Kimbells net inventory in the aggregate1; Represents an estimated 15 years of drilling inventory2 As of March 31, 2021, Kimbells major properties had 761 gross 2.20 net drilled but uncompleted wells DUCs and 669 gross 2.54 net permitted locations on its acreage As of March 31, 2021, Kimbell had 49 rigs actively drilling on its acreage, an increase of 26 from Q4 2020, which represented 11.83 market share of all rigs drilling in the continental United States as of such time Announced a Q1 2021 cash distribution of 0.27 per common unit, an increase of 42 from Q4 2020, reflecting a payout ratio of 75 of cash available for distribution; implies a 9.4 annualized yield based on the May 5, 2021 closing price of 11.51 per common unit; Kimbell intends to utilize the remaining 25 of its cash available for distribution to repay a portion of the outstanding borrowings under Kimbells revolving credit facility Kimbell affirms its financial and operational guidance ranges for 2021 previously disclosed in its Q4 2020 earnings release ___ 1 These figures include Kimbells major properties and do not include locations from Kimbells minor properties, which generally include properties with less than a 0.1 net revenue interest and are time consuming to quantify, but in the estimation of Kimbells management could add up to an additional 20 to Kimbells net inventory in the aggregate. 