Nick Armato

Nick Armato inquired about Kimbell Royalty Partners' expected production cadence for 2026 following Q4 2025 levels and the competitive landscape for M&A opportunities outside the Permian Basin.

Answer

President and CFO Davis Ravnaas indicated a "relatively stable development cadence" for 2026 production. Regarding M&A, Mr. Ravnaas highlighted Kimbell's competitive advantages in targeting $100M-$500M deals across all basins, citing the successful LongPoint Minerals acquisition in the MidCon as an example of capitalizing on out-of-favor basins with improving gas and NGL prices.

Nick Armato inquired about Kimbell Royalty Partners' expected production cadence for 2026, following 4Q 2025 levels, and the competitive landscape for M&A outside the Permian Basin after recent industry consolidation.

Answer

President and CFO Davis Ravnaas indicated a relatively stable development cadence for 2026. He highlighted Kimbell's competitive advantages in M&A, including targeting $100M-$500M deals and focusing on all basins, which allows them to acquire high-quality assets in out-of-favor regions like the MidCon, an area they are bullish on due to gas and NGL price improvements.