Kimbell Royalty Partners to Buy Affiliated Interests for $221.2 Million
The mineral and royalty owner said the drop-down spans more than 3 million gross acres and 29,000 producing wells across four basins.
Kimbell Royalty Partners, LP (KRP), a Fort Worth-based owner of oil and gas mineral and royalty interests, agreed to purchase certain oil and gas royalty interests from affiliated sellers for approximately $221.2 million in a mixed cash-and-unit drop-down.
The portfolio spans more than 3 million gross acres and more than 29,000 gross producing wells in the Eagle Ford, Permian, Mid-Con and Appalachia, further expanding Kimbell’s scaled and diversified mineral and royalty position. The deal is the third large acquisition announced in the first half of 2026, following a $215.4 million affiliated drop-down in July and a $147 million Permian purchase from Mesa Royalties in May.
The July drop-down was funded with $74.9 million in cash and 9.5 million newly issued common units of Kimbell Royalty Operating, LLC, and was expected to close around August 21, 2026. The Mesa deal closed June 22 at a final value of $145.9 million, with $44.0 million in cash and about 6.9 million OpCo units. Kimbell has used the same cash-plus-OpCo-unit structure for those transactions.
The partnership owns mineral and royalty interests in more than 17 million gross acres across 28 states and in every major onshore basin in the continental United States, including more than 135,000 gross wells. In the second quarter of 2026, it reported daily production of 25,830 boe/d (6:1) and a cash distribution of $0.47 per common unit, a 15% increase from the first quarter. First-quarter run-rate production was 25,522 boe/d.
Rig activity on Kimbell acreage was 91 active rigs in the second quarter, representing a 16% share of the U.S. land rig count. After the Mesa closing, more than 98% of rigs in the continental United States were located in counties where Kimbell was expected to hold mineral interests.
The latest drop-down is another step in a pattern of affiliated and third-party purchases that have added acreage in the same four basins the partnership highlights in its growth narrative. Prior drop-downs were expected to be immediately accretive to distributable cash flow per unit and to support near-term production growth. The new portfolio further expands that scaled and diversified position.