Kimbell Royalty Partners, LP

Previous wording

On August 7, 2025, our General Partner’s Board of Directors (the “Board of Directors”) declared a quarterly cash distribution of $0.38 per common unit representing limited partner interests in the Partnership (“common unit”) and $0.380261 per common unit of the Operating Company (“OpCo common unit”) for the quarter ended June 30, 2025. We intend to pay the distributions on August 25, 2025 to common unitholders and OpCo common unitholders of record as of the close of business on August 18, 2025.

Current wording

On November 6, 2025, our General Partner’s Board of Directors (the “Board of Directors”) declared a quarterly cash distribution of $0.35 per common unit representing limited partner interests in the Partnership (“common unit”) and common unit of the Operating Company (“OpCo common unit”) for the quarter ended September 30, 2025. We intend to pay the distributions on November 24, 2025 to common unitholders and OpCo common unitholders of record as of the close of business on November 17, 2025.

Previous wording

We will pay a cash distribution on the Series A Cumulative Convertible Preferred Units representing limited partner interests in the Partnership (the “Series A preferred units”) of approximately $2.4 million for the quarter ended June 30, 2025. We intend to pay the distribution subsequent to August 7, 2025 and prior to the distribution on the common units and OpCo common units.

Current wording

We will pay a cash distribution on the Series A Cumulative Convertible Preferred Units representing limited partner interests in the Partnership (the “Series A preferred units”) of approximately $2.5 million for the quarter ended

Previous wording

In February 2022, Russia invaded Ukraine and is still engaged in active armed conflict against the country. In October 2023, armed active conflict escalated in the Middle East between Israel and Hamas. In April 2024, Iran launched an attack on Israel, further escalating the regional conflict in the Middle East. In January 2025, Israel and Hamas agreed to a ceasefire deal, however, the ceasefire has not held and the conflict has continued. These conflicts and the applicable sanctions imposed in response have led to regional instability and caused dramatic fluctuations in global financial markets and have increased the level of global economic and political uncertainty, including uncertainty about world-wide oil supply and demand, which in turn has increased volatility in commodity prices. To date, we have not experienced a material impact to operations or the consolidated financial statements as a result of these conflicts; however, we will continue to monitor for events that could materially impact us.

Current wording

In February 2022, Russia invaded Ukraine and is still engaged in active armed conflict against the country. In October 2023, armed active conflict escalated in the Middle East between Israel and Hamas. In April 2024, Iran launched an attack on Israel, further escalating the regional conflict in the Middle East. In October 2025, Israel and Hamas agreed to a ceasefire deal, although there is no assurance that the ceasefire will continue. These conflicts and the applicable sanctions imposed in response have led to regional instability and caused dramatic fluctuations in global financial markets and have increased the level of global economic and political uncertainty, including uncertainty about world-wide oil supply and demand, which in turn has increased volatility in commodity prices. To date, we have not experienced a material impact to operations or the consolidated financial statements as a result of these conflicts; however, we will continue to monitor for events that could materially impact us.

Previous wording

and gas industry, as well as the implementation of tariffs on foreign goods and services. It is uncertain at this time to what extent such changes in regulations and tariffs will impact our business. Tariffs on foreign goods and services could result in other countries instituting tariffs on U.S. goods and services, which could impact the demand for and price of commodities, increase the price of supplies and raw materials that we rely on, and could impact interest rates. A changing regulatory environment and domestic or foreign tariffs could ultimately impact our operations and expenses.

Current wording

President Trump has executed several executive orders, some of which impact the oil and gas industry, and he and others in Congress have indicated the potential for further changes to regulations, many of which could impact the oil and gas industry, as well as the implementation of tariffs on foreign goods and services. It is uncertain at this time to what extent such changes in regulations and tariffs will impact our business. Tariffs on foreign goods and services could result in other countries instituting tariffs on U.S. goods and services, which could impact the demand for and price of commodities, increase the price of supplies and raw materials that we rely on, and could impact interest rates. A changing regulatory environment and domestic or foreign tariffs could ultimately impact our operations and expenses.

Previous wording

On July 28, 2025, the West Texas Intermediate posted price for crude oil was $67.81 per Bbl and the Henry Hub spot market price of natural gas was $3.12 per MMBtu.

Current wording

On October 27, 2025, the West Texas Intermediate posted price for crude oil was $62.13 per Bbl and the Henry Hub spot market price of natural gas was $3.30 per MMBtu.

Previous wording

The Baker Hughes United States Rotary Rig count decreased by 4.8% to 533 active land rigs at June 30, 2025 compared to 560 active land rigs at June 30, 2024. The 533 active land rigs at June 30, 2025 decreased by 7.3% compared to 575 active land rigs at March 31, 2025. The decrease in rig count is primarily related to a decrease in the average prices received for oil, partially offset by an increase in the average price received for natural gas, coupled with domestic and international uncertainties, as noted above.

Current wording

The Baker Hughes United States Rotary Rig count decreased by 6.2% to 532 active land rigs at September 30, 2025 compared to 567 active land rigs at September 30, 2024. The 532 active land rigs at September 30, 2025 decreased slightly compared to 533 active land rigs at June 30, 2025. The decrease in rig count is primarily related to a decrease in the average prices received for oil, partially offset by an increase in the average price received for natural gas, coupled with domestic and international uncertainties, as noted above.

Previous wording

We define Adjusted EBITDA as net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties, non-cash unit based compensation and unrealized gains and losses on derivative instruments. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by generally accepted accounting principles in the United States (“GAAP”). We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. We define cash available for distribution on common units as Adjusted EBITDA, less cash needed for debt service and other

Current wording

We define Adjusted EBITDA as net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties, non-cash unit based compensation and unrealized gains and losses on derivative instruments. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by generally accepted accounting principles in the United States (“GAAP”). We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. We define cash available for distribution on common units as Adjusted EBITDA, less cash needed for debt service and other contractual obligations, tax obligations, fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate.

Previous wording

effect on our financial condition and results of operations. Material acquisitions that would impact the comparability of our results for the three and six months ended June 30, 2025 and 2024 include the Boren Acquisition in January 2025.

Current wording

effect on our financial condition and results of operations. Material acquisitions that would impact the comparability of our results for the three and nine months ended September 30, 2025 and 2024 include the Boren Acquisition in January 2025.

Previous wording

We did not record an impairment on our oil and natural gas properties for the three and six months ended June 30, 2025 or the three months ended June 30, 2024. As a result of our full cost ceiling analysis, we recorded an impairment on our oil and natural gas properties of $6.0 million during the six months ended June 30, 2024. The impairment was primarily attributed to the decline in the 12-month average price of oil and natural gas for the three months ended March 31, 2024.

Current wording

We did not record an impairment on our oil and natural gas properties for the three and nine months ended September 30, 2025 or the three months ended September 30, 2024. As a result of our full cost ceiling analysis, we recorded an impairment on our oil and natural gas properties of $6.0 million during the nine months ended September 30, 2024. The impairment was primarily attributed to the decline in the 12-month average price of oil and natural gas.

Previous wording

For the three months ended June 30, 2025, our oil, natural gas and NGL revenues were $74.7 million, a decrease of $2.3 million from $77.0 million for the three months ended June 30, 2024. The decrease in oil, natural gas and NGL revenues was primarily related to decrease in the average prices received for oil and NGLs, partially offset by an increase in the average prices received for natural gas and an increase in production volumes for the three months ended June 30, 2025 as discussed below.

Current wording

For the three months ended September 30, 2025, our oil, natural gas and NGL revenues were $76.8 million, an increase of $5.7 million from $71.1 million for the three months ended September 30, 2024. The increase in oil, natural gas and NGL revenues was primarily related to revenues associated with the Boren Acquisition and also an increase in the average prices received for natural gas coupled with an increase in production volumes for the three months ended September 30, 2025, partially offset by a decrease in the average prices received for oil and NGLs, as discussed below.

Previous wording

Our revenues are a function of oil, natural gas and NGL production volumes sold and average prices received for those volumes. The production volumes were 2,307,284 Boe or 25,355 Boe/d, for the three months ended June 30, 2025, an increase of 113,319 Boe or 1,245 Boe/d, from 2,193,965 Boe or 24,110 Boe/d, for the three months ended June 30, 2024. The increase in production volumes for the three months ended June 30, 2025 was primarily attributable to production associated with the Boren Acquisition.

Current wording

Our revenues are a function of oil, natural gas and NGL production volumes sold and average prices received for those volumes. The production volumes were 2,348,775 Boe or 25,530 Boe/d, for the three months ended September 30, 2025, an increase of 154,899 Boe or 1,684 Boe/d, from 2,193,876 Boe or 23,846 Boe/d, for the three months ended September 30, 2024. The increase in production volumes for the three months ended September 30, 2025 was primarily attributable to production associated with the Boren Acquisition.

Previous wording

Our operators received an average of $63.52 per Bbl of oil, $2.34 per Mcf of natural gas and $23.56 per Bbl of NGL for the volumes sold during the three months ended June 30, 2025 compared to $77.20 per Bbl of oil, $2.10 per Mcf of natural gas and $24.75 per Bbl of NGL for the volumes sold during the three months ended June 30, 2024. These average prices received during the three months ended June 30, 2025 decreased 17.7% or $13.68 per Bbl of oil and increased 11.4% or $0.24 per Mcf of natural gas as compared to the three months ended June 30, 2024. This change is consistent with prices experienced in the market, specifically when compared to the EIA average price decrease of 21.1% or $17.24 per Bbl of oil and an increase of 54.1% or $1.12 per Mcf of natural gas for the comparable periods.

Current wording

Our operators received an average of $64.42 per Bbl of oil, $2.67 per Mcf of natural gas and $21.36 per Bbl of NGL for the volumes sold during the three months ended September 30, 2025 compared to $78.09 per Bbl of oil, $1.60 per Mcf of natural gas and $21.49 per Bbl of NGL for the volumes sold during the three months ended September 30, 2024. These average prices received during the three months ended September 30, 2025 decreased 17.5% or $13.67 per Bbl of oil and increased 66.9% or $1.07 per Mcf of natural gas as compared to the three months ended September 30, 2024. This change is consistent with prices experienced in the market, specifically when compared to the EIA average price decrease of 13.9% or $10.65 per Bbl of oil and an increase of 43.6% or $0.92 per Mcf of natural gas for the comparable periods.

Previous wording

Lease bonus and other income for the three months ended June 30, 2025 was $2.5 million, an increase of $1.8 million compared to $0.7 million for the three months ended June 30, 2024. The increase in lease bonus and other income was due to an increase in activity during the three months ended June 30, 2025.

Current wording

Lease bonus and other income for the three months ended September 30, 2025 was $0.4 million, a decrease of $2.8 million compared to $3.2 million for the three months ended September 30, 2024. The decrease in lease bonus and other income was due to a large lease bonus received during the three months ended September 30, 2024.

Previous wording

Gain on commodity derivative instruments for the three months ended June 30, 2025 included $8.5 million of mark-to-market gains and $0.8 million of gains on the settlement of commodity derivative instruments compared to $3.8 million of mark-to-market losses and $2.8 million of gains on the settlement of commodity derivative instruments for the three months ended June 30, 2024. We recorded a mark-to-market gain for the three months ended June 30, 2025 as a result of the maturity of derivative contracts with lower strike pricing. We recorded a mark-to-market loss for the three months ended June 30, 2024 as a result of an increase in strip pricing from the previous quarter, partially offset by gains on the settlement of commodity derivative instruments.

Current wording

Gain on commodity derivative instruments for the three months ended September 30, 2025 included $1.8 million of mark-to-market gains and $1.6 million of gains on the settlement of commodity derivative instruments compared to $7.1 million of mark-to-market gains and $2.5 million of gains on the settlement of commodity derivative instruments for the three months ended September 30, 2024. We recorded a mark-to-market gains for both the three months ended September 30, 2025 and 2024 as a result of the maturity of derivative contracts with lower strike pricing.

Previous wording

Production and ad valorem taxes for the six months ended June 30, 2025 were $11.1 million, a decrease of $1.0 million from $12.1 million for the six months ended June 30, 2024. The decrease in production and ad valorem taxes was primarily attributable to the decrease in oil and natural gas production, partially offset by an increase in production and ad valorem taxes associated with the Boren Acquisition.

Current wording

Production and ad valorem taxes for the three months ended September 30, 2025 were $5.6 million, an increase of $1.3 million compared to $4.3 million for the three months ended September 30, 2024. The increase in production and ad valorem taxes was primarily attributable to the increase in production volumes along with an increase in the average prices received for natural gas, partially offset by a decrease in the average prices received for oil and NGLs for the three months ended September 30, 2025.

Previous wording

Depreciation and depletion expense for the three months ended June 30, 2025 was $30.5 million, a decrease of $2.5 million from $33.0 million for the three months ended June 30, 2024. The decrease in depreciation and depletion expense was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Current wording

Depreciation and depletion expense for the three months ended September 30, 2025 was $31.0 million, a decrease of $1.2 million from $32.2 million for the three months ended September 30, 2024. The decrease in depreciation and depletion expense was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Previous wording

Depletion is the amount of cost basis of oil and natural gas properties at the beginning of a period attributable to the volume of hydrocarbons extracted during such period, calculated on a units-of-production basis. Estimates of proved developed reserves are a major component in the calculation of depletion. Our average depletion rate per barrel was $13.16 for the three months ended June 30, 2025, a decrease of $1.85 per barrel from the $15.01 average depletion rate per barrel for the three months ended June 30, 2024. The decrease in the depletion rate was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Current wording

Depletion is the amount of cost basis of oil and natural gas properties at the beginning of a period attributable to the volume of hydrocarbons extracted during such period, calculated on a units-of-production basis. Estimates of proved developed reserves are a major component in the calculation of depletion. Our average depletion rate per barrel was $13.19 for the three months ended September 30, 2025, a decrease of $1.42 per barrel from the $14.61 average depletion rate per barrel for the three months ended September 30, 2024. The decrease in the depletion rate was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Previous wording

Our marketing and other deductions include product marketing expense, which is a post-production expense. Marketing and other deductions for the three months ended June 30, 2025 were $3.0 million, a decrease of $0.8 million compared to $3.8 million for the three months ended June 30, 2024. The decrease in marketing and other deductions was primarily related to decrease in the average prices received for oil and NGLs, partially offset by an increase in the average prices received for natural gas for the three months ended June 30, 2025.

Current wording

Our marketing and other deductions include product marketing expense, which is a post-production expense. Marketing and other deductions for the three months ended September 30, 2025 were $5.1 million, an increase of $1.5 million compared to $3.6 million for the three months ended September 30, 2024. The increase in marketing and other deductions was primarily related to the increase in production volumes along with an increase in the average prices received for natural gas, partially offset by a decrease in the average prices received for oil and NGLs for the three months ended September 30, 2025.

Previous wording

General and administrative expenses for the three months ended June 30, 2025 were $9.6 million, a decrease of $0.7 million compared to $10.3 million for the three months ended June 30, 2024. Included within general and administrative expenses are non-cash expenses for unit-based compensation as a result of the amortization of restricted units that have been issued by us over various periods. The decrease in general and administrative expenses was primarily attributable to a decrease in unit-based compensation expense.

Current wording

General and administrative expenses for the three months ended September 30, 2025 were $10.1 million, an increase of $0.6 million compared to $9.5 million for the three months ended September 30, 2024. Included within general and administrative expenses are non-cash expenses for unit-based compensation as a result of the amortization of restricted units that have been issued by us over various periods. The increase in general and administrative expenses was primarily attributable to an increase in unit-based compensation expense and an increase in cash general and administrative expenses resulting from an increase in our costs associated with company growth.

Previous wording

Interest expense for the three months ended June 30, 2025 was $8.9 million, compared to $6.9 million for the three months ended June 30, 2024. The increase in interest expense was primarily due to an increase in the overall debt balance as a result of additional borrowings to complete the partial redemption of the Series A preferred units.

Current wording

Interest expense for the three months ended September 30, 2025 was $9.8 million, compared to $6.5 million for the three months ended September 30, 2024. The increase in interest expense was primarily due to an increase in the overall debt balance as a result of additional borrowings to complete the partial redemption of the Series A preferred units.

Previous wording

We recorded an income tax expense of $2.2 million and $1.8 million for the three months ended June 30, 2025 and 2024, respectively.

Current wording

We recorded an income tax benefit of $3.3 million and an expense of $1.9 million for the three months ended September 30, 2025 and 2024, respectively.

Previous wording

Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024

Current wording

Comparison of the Nine months ended September 30, 2025 to the Nine months ended September 30, 2024

Previous wording

Our revenues are a function of oil, natural gas and NGL production volumes sold and average prices received for those volumes. The production volumes were 4,602,374 Boe or 25,427 Boe/d, for the six months ended June 30, 2025, a decrease of 89,938 Boe or 355 Boe/d, from 4,692,312 Boe or 25,782 Boe/d, for the six months ended June 30, 2024. The decrease in production for the six months ended June 30, 2025 was primarily attributable to prior period production recognized for the six months ended June 30, 2024, partially offset by production associated with the Boren Acquisition.

Current wording

Our revenues are a function of oil, natural gas and NGL production volumes sold and average prices received for those volumes. The production volumes were 6,951,149 Boe or 25,462 Boe/d, for the nine months ended September 30, 2025, an increase of 64,960 Boe or 330 Boe/d, from 6,886,189 Boe or 25,132 Boe/d, for the nine months ended September 30, 2024. The increase in production volumes for the nine months ended September 30, 2025 was primarily attributable to production associated with the Boren Acquisition, partially offset by prior period production recognized for the nine months ended September 30, 2024.

Previous wording

Our operators received an average of $66.36 per Bbl of oil, $3.11 per Mcf of natural gas and $25.76 per Bbl of NGL for the volumes sold during the six months ended June 30, 2025 compared to $76.87 per Bbl of oil, $2.03 per Mcf of natural gas and $24.72 per Bbl of NGL for the volumes sold during the six months ended June 30, 2024. These average prices received during the six months ended June 30, 2025 decreased 13.7% or $10.51 per Bbl of oil and increased 53.2% or $1.08 per Mcf of natural gas as compared to the six months ended June 30, 2024. This change is consistent with prices experienced in the market, specifically when compared to the EIA average price decrease of 14.5% or $11.57 per Bbl of oil and an increase of 73.5% or $1.55 per Mcf of natural gas for the comparable periods.

Current wording

Our operators received an average of $65.71 per Bbl of oil, $2.96 per Mcf of natural gas and $24.23 per Bbl of NGL for the volumes sold during the nine months ended September 30, 2025 compared to $77.24 per Bbl of oil, $1.89 per Mcf of natural gas and $23.68 per Bbl of NGL for the volumes sold during the nine months ended September 30, 2024. These average prices received during the nine months ended September 30, 2025 decreased 14.9% or $11.53 per Bbl of oil and increased 56.6% or $1.07 per Mcf of natural gas as compared to the nine months ended September 30, 2024. This change is consistent with prices experienced in the market, specifically when compared to the EIA average price decrease of 14.3% or $11.27 per Bbl of oil and an increase of 63.5% or $1.34 per Mcf of natural gas for the comparable periods.

Previous wording

Lease bonus and other income for the six months ended June 30, 2025 was $2.8 million, an increase of $1.7 million compared to $1.1 million for the six months ended June 30, 2024. The increase in lease bonus and other income was due to an increase in activity during the six months ended June 30, 2025.

Current wording

Lease bonus and other income for the nine months ended September 30, 2025 was $3.2 million, a decrease of $1.1 million compared to $4.3 million for the nine months ended September 30, 2024. The decrease in lease bonus and other income was due to a large lease bonus received during the nine months ended September 30, 2024.

Previous wording

Gain on commodity derivative instruments for the six months ended June 30, 2025 included $1.5 million of mark-to-market gains and $1.8 million of gains on the settlement of commodity derivative instruments compared to $12.5 million of mark-to-market losses and $5.7 million of gains on the settlement of commodity derivative instruments for the six months ended June 30, 2024. We recorded a mark-to-market gain for the six months ended June 30, 2025 as a result of the maturity of derivative contracts with lower strike pricing. We recorded a mark-to-market loss for the six months ended June 30, 2024 as a result of an increase in strip pricing from the previous quarter, partially offset by gains on the settlement of commodity derivative instruments.

Current wording

the nine months ended September 30, 2024. We recorded a mark-to-market gain for the nine months ended September 30, 2025 as a result of the maturity of derivative contracts with lower strike pricing. We recorded a mark-to-market loss for the nine months ended September 30, 2024 as a result of an increase in strip pricing from the previous quarter, offset by realized gains on the settlement of commodity derivative instruments.

Previous wording

Production and ad valorem taxes for the three months ended June 30, 2025 remained relatively flat at $5.7 million, compared to $5.6 million for the three months ended June 30, 2024.

Current wording

Production and ad valorem taxes for the nine months ended September 30, 2025 remained relatively flat at $16.7 million, compared to $16.5 million for the nine months ended September 30, 2024.

Previous wording

Depreciation and depletion expense for the six months ended June 30, 2025 was $61.6 million, a decrease of $9.6 million from $71.2 million for the six months ended June 30, 2024. The decrease in depreciation and depletion expense was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Current wording

Depreciation and depletion expense for the nine months ended September 30, 2025 was $92.6 million, a decrease of $10.7 million from $103.3 million for the nine months ended September 30, 2024. The decrease in depreciation and depletion expense was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Previous wording

Depletion is the amount of cost basis of oil and natural gas properties at the beginning of a period attributable to the volume of hydrocarbons extracted during such period, calculated on a units-of-production basis. Estimates of proved developed reserves are a major component in the calculation of depletion. Our average depletion rate per barrel was $13.34 for the six months ended June 30, 2025, a decrease of $1.79 per barrel from the $15.13 average depletion rate per barrel for the six months ended June 30, 2024. The decrease in the depletion rate was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Current wording

Depletion is the amount of cost basis of oil and natural gas properties at the beginning of a period attributable to the volume of hydrocarbons extracted during such period, calculated on a units-of-production basis. Estimates of proved developed reserves are a major component in the calculation of depletion. Our average depletion rate per barrel was $13.29 for the nine months ended September 30, 2025, a decrease of $1.68 per barrel from the $14.97 average depletion rate per barrel for the nine months ended September 30, 2024. The decrease in the depletion rate was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

Previous wording

We did not record an impairment on our oil and natural gas properties for the six months ended June 30, 2025. We recorded an impairment on our oil and natural gas properties of $6.0 million during the six months ended June 30, 2024, as a result of our full cost ceiling analysis. The impairment is primarily attributed to the decline in the 12-month average price of oil and natural gas.

Current wording

We did not record an impairment on our oil and natural gas properties for the nine months ended September 30, 2025. We recorded an impairment on our oil and natural gas properties of $6.0 million during the nine months ended September 30, 2024, as a result of our full cost ceiling analysis. The impairment is primarily attributed to the decline in the 12-month average price of oil and natural gas.

Previous wording

Our marketing and other deductions include product marketing expense, which is a post-production expense. Marketing and other deductions for the six months ended June 30, 2025 was $7.5 million, a decrease of $0.9 million compared to $8.4 million for the six months ended June 30, 2024. The decrease in marketing and other deductions was primarily related to decrease in the average prices received for oil and NGLs, partially offset by an increase in the average prices received for natural gas for the six months ended June 30, 2025.

Current wording

Our marketing and other deductions include product marketing expense, which is a post-production expense. Marketing and other deductions for the nine months ended September 30, 2025 was $12.6 million, an increase of $0.6 million compared to $12.0 million for the nine months ended September 30, 2024. The increase in marketing and other deductions was primarily related to the increase in production volumes along with an increase in the average prices received for natural gas, partially offset by a decrease in the average prices received for oil and NGLs for the nine months ended September 30, 2025.

Previous wording

Interest expense for the six months ended June 30, 2025 was $15.6 million, compared to $14.2 million for the six months ended June 30, 2024. The increase in interest expense was primarily due to an increase in the overall debt balance as a result of additional borrowings to complete the partial redemption of the Series A preferred units.

Current wording

Interest expense for the nine months ended September 30, 2025 was $25.4 million, compared to $20.7 million for the nine months ended September 30, 2024. The increase in interest expense was primarily due to an increase in the overall debt balance as a result of additional borrowings to complete the partial redemption of the Series A preferred units.

Previous wording

Our primary sources of liquidity are cash flows from operations and equity and debt financings, and our primary uses of cash are for distributions to our unitholders and for growth capital expenditures, including the acquisition of mineral and royalty interests in oil and natural gas properties. On June 13, 2023, we entered into the A&R Credit Agreement (as defined below). On July 24, 2023, we entered into the First Amendment (as defined below) to the A&R Credit Agreement that, among other things, (i) decrease the frequency of and increase the threshold for excess cash determinations from $30.0 million to $50.0 million, and (ii) permit us to issue certain preferred equity interests. On December 8, 2023, we entered into the Second Amendment (as defined below) to the A&R Credit Agreement that, among other things, increase each of the borrowing base and aggregate elected commitments from $400.0 million to $550.0 million. On May 1, 2025, in connection with the recent redetermination, the Partnership entered into Amendment No. 3 (as defined below) to the A&R Credit Agreement that, among other things, increase each of the borrowing base and aggregate elected commitments from $550.0 million to $625.0 million. See “Indebtedness” below for further discussion of our secured revolving credit facility.

Current wording

Our primary sources of liquidity are cash flows from operations and equity and debt financings, and our primary uses of cash are for distributions to our unitholders and for growth capital expenditures, including the acquisition of mineral and royalty interests in oil and natural gas properties. On June 13, 2023, we entered into the A&R Credit Agreement (as defined below). On July 24, 2023, we entered into the First Amendment (as defined below) to the A&R Credit Agreement that, among other things, (i) decrease the frequency of and increase the threshold for excess cash determinations from $30.0 million to $50.0 million, and (ii) permit us to issue certain preferred equity interests. On December 8, 2023, we entered into the Second Amendment (as defined below) to the A&R Credit Agreement that, among other things, increase each of the borrowing base and aggregate elected commitments from $400.0 million to $550.0 million. On May 1, 2025, in connection with the redetermination, the Partnership entered into Amendment No. 3 (as defined below) to the A&R Credit Agreement that, among other things, increase each of the borrowing base and aggregate elected commitments from $550.0 million to $625.0 million. See “Indebtedness” below for further discussion of our secured revolving credit facility.

Previous wording

The Board of Directors approved the allocation of 25% of our cash available for distribution on common units for the second quarter of 2025 for the repayment of $13.6 million in outstanding borrowings under our secured revolving credit facility during its determination of “available cash” for the second quarter of 2025. With respect to future quarters, the Board of Directors intends to continue to allocate a portion of our cash available for distribution on common units to the repayment of outstanding borrowings under our secured revolving credit facility and may allocate such cash in other manners in which the Board of Directors determines to be appropriate at the time. The Board of Directors may further change its policy with respect to cash distributions in the future.

Current wording

The Board of Directors approved the allocation of 25% of our cash available for distribution on common units for the third quarter of 2025 for the repayment of $12.6 million in outstanding borrowings under our secured revolving credit facility during its determination of “available cash” for the third quarter of 2025. With respect to future quarters, the Board of Directors intends to continue to allocate a portion of our cash available for distribution on common units to the repayment of outstanding borrowings under our secured revolving credit facility and may allocate such cash in other manners in which the Board of Directors determines to be appropriate at the time. The Board of Directors may further change its policy with respect to cash distributions in the future.

Previous wording

It is our intent, subject to market conditions, to finance acquisitions of mineral and royalty interests that increase our asset base largely through external sources, such as borrowings under our secured revolving credit facility and the issuance of equity and debt securities. For example, we completed the Boren Acquisition partially with net proceeds from the 2025 Equity Offering. The Board of Directors may choose to reserve a portion of cash generated from operations to finance such acquisitions as well. We do not currently intend to (i) maintain excess distribution coverage for the purpose of maintaining stability or growth in our quarterly distribution, (ii) otherwise reserve cash for distributions or (iii) incur debt to pay quarterly distributions, although the Board of Directors may do so if they believe it is warranted. See “Recent Developments—Quarterly Distributions” above for discussion of our second quarter 2025 distributions.

Current wording

It is our intent, subject to market conditions, to finance acquisitions of mineral and royalty interests that increase our asset base largely through external sources, such as borrowings under our secured revolving credit facility and the issuance of equity and debt securities. For example, we completed the Boren Acquisition partially with net proceeds from the 2025 Equity Offering. The Board of Directors may choose to reserve a portion of cash generated from operations to finance such acquisitions as well. We do not currently intend to (i) maintain excess distribution coverage for the purpose of maintaining stability or growth in our quarterly distribution, (ii) otherwise reserve cash for distributions or (iii) incur debt to pay quarterly distributions, although the Board of Directors may do so if they believe it is warranted. See “Recent Developments—Quarterly Distributions” above for discussion of our third quarter 2025 distributions.

Previous wording

Our operating cash flow is impacted by many variables, the most significant of which are changes in oil, natural gas and NGL production volumes due to acquisitions or other external factors and changes in prices for oil, natural gas and NGLs. Prices for these commodities are determined primarily by prevailing market conditions. Regional and worldwide economic activity, weather and other substantially variable factors influence market conditions for these products. These factors are beyond our control and are difficult to predict. Cash flows provided by operating activities for the six months ended June 30, 2025 were $126.5 million, a decrease of $5.4 million compared to $131.9 million for the six months ended June 30, 2024.

Current wording

Our operating cash flow is impacted by many variables, the most significant of which are changes in oil, natural gas and NGL production volumes due to acquisitions or other external factors and changes in prices for oil, natural gas and NGLs. Prices for these commodities are determined primarily by prevailing market conditions. Regional and worldwide economic activity, weather and other substantially variable factors influence market conditions for these products. These factors are beyond our control and are difficult to predict. Cash flows provided by operating activities for the nine months ended September 30, 2025 were $189.2 million, a decrease of $5.1 million compared to $194.3 million for the nine months ended September 30, 2024.

Previous wording

Cash flows used in investing activities for the six months ended June 30, 2025 were $223.3 million compared to $0.1 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, cash flows used in investing activities primarily related to the Boren Acquisition. For the six months ended June 30, 2024, cash flows used in investing activities included the purchase of equipment.

Current wording

Cash flows used in investing activities for the nine months ended September 30, 2025 were $223.4 million compared to $0.2 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, cash flows used in investing activities primarily related to the Boren Acquisition. For the nine months ended September 30, 2024, cash flows used in investing activities included the purchase of equipment.

Previous wording

Cash flows provided by financing activities were $97.2 million for the six months ended June 30, 2025 compared to $131.8 million of cash flows used in financing activities for the six months ended June 30, 2024. Cash flows provided by financing activities for the six months ended June 30, 2025 consists primarily of$163.6 million in proceeds from the 2025 Equity Offering and$254.1 million of additional borrowings under our secured revolving credit facility, partially offset by $179.9 million used to redeem a portion of the Series A preferred units,$103.6 million of distributions paid to holders of common units, OpCo common units, Series A preferred units and Class B units, $31.2 million used to repay borrowings under our secured revolving credit facility and $5.1 millionof restricted units repurchased for tax withholding.

Current wording

Cash flows provided by financing activities were $40.0 million for the nine months ended September 30, 2025 compared to $190.5 million of cash flows used in financing activities for the nine months ended September 30, 2024. Cash flows provided by financing activities for the nine months ended September 30, 2025 consists primarily of$163.6 million in proceeds from the 2025 Equity Offering and$254.1 million of additional borrowings under our secured revolving credit facility, partially offset by $179.9 million used to redeem a portion of the Series A preferred units,$147.0 million of distributions paid to holders of common units, OpCo common units, Series A preferred units and Class B units, $44.8 million used to repay borrowings under our secured revolving credit facility and $5.1 millionof restricted units repurchased for tax withholding.

Previous wording

Cash flows used in financing activities for the six months ended June 30, 2024 consists primarily of $98.2 million of distributions paid to holders of common units, OpCo common units, Series A preferred units and Class B units, $33.4 million used to repay borrowings under our secured revolving credit facility, $4.9 millionof restricted units repurchased for tax withholding and $0.3 million paid in connection with the redemption of Class B units, partially offset by$5.0 million of additional borrowings under our secured revolving credit facility.

Current wording

Cash flows used in financing activities for the nine months ended September 30, 2024 consists primarily of $143.1 million of distributions paid to holders of common units, OpCo common units, Series A preferred units and Class B units, $47.0 million used to repay borrowings under our secured revolving credit facility, $4.9 millionof restricted units repurchased for tax withholding and $0.3 million paid in connection with the redemption of Class B units, partially offset by$5.0 million of additional borrowings under our secured revolving credit facility.

Previous wording

On May 1, 2025, in connection with the recent redetermination, the Partnership entered into Amendment No. 3 (the “Third Amendment”) to the A&R Credit Agreement. The amendment amends the A&R Credit Agreement to, among other things, increase each of the borrowing base and aggregate elected commitments from $550.0 million to $625.0 million.

Current wording

On May 1, 2025, in connection with the redetermination, the Partnership entered into Amendment No. 3 (the “Third Amendment”) to the A&R Credit Agreement. The amendment amends the A&R Credit Agreement to, among other things, increase each of the borrowing base and aggregate elected commitments from $550.0 million to $625.0 million.