History
Kimbell Royalty Partners listed in 2017 and grew by serial acquisitions of oil and gas royalty interests, funded by unit sales, debt and Apollo preferred equity.
2017-2018: Listing and the Haymaker leap
Kimbell Royalty Partners set out to own oil and gas mineral and royalty interests, which pay the owner a share of production without the owner running the wells. The New York Stock Exchange certified its securities for listing on 2 February 2017. On 14 February it completed its IPO, selling 5,750,000 common units at $18.00 for about $103.5 million gross. At the same time the Contributing Parties conveyed mineral and royalty interests to the partnership in exchange for 10,582,708 common units (64.8%). Kimbell Operating Company and six service providers controlled by board members (BJF, Duncan, K3, Nail Bay, Steward and Taylor) began providing paid management services under five-year agreements, so the partnership was externally managed.
The first big step came in June 2018, when Kimbell agreed to buy the KKR-backed Haymaker portfolios for $210 million cash plus 10 million common units. The deal closed in July. To help pay for it, Kimbell raised its revolving credit facility from $50 million to a $200 million borrowing base. Shares on issue rose from 16,509,799 at the end of 2017 to 26,839,462 at the end of 2018. In September 2018 Kimbell became a taxable entity and adopted an Up-C structure. Under it, the Haymaker holders (37.3% of the operating subsidiary) and the Kimbell Art Foundation (11.0%) held Class B units that could later convert into common units, and they deferred tax in the meantime. Kimbell kept 51.7% of the operating subsidiary. In November it agreed to buy royalty interests from Rivercrest Capital Partners, Cupola Royalty Direct and the Foundation for 6.5 million operating-subsidiary units, the first of several purchases from insiders.
2019-2021: Paying in units, borrowing through the downturn
In February 2019 Kimbell agreed to buy interests from three Phillips entities (PEP I, II and III Holdings) for 9.4 million units, and closed the deal in March. It also merged its registration rights agreements (covering the Haymaker/KKR, Apollo, Rivercrest, Kimbell Art Foundation and Cupola holders) into a single agreement.
In January 2020 it agreed to buy the NGP-backed Springbok portfolios for about $95 million cash plus roughly 4.7 million units. Five days later it sold 5 million common units at $15.50, with a 750,000-unit over-allotment. KKR's Haymaker entities sold part of their stake in the same offering. The partnership's share of the proceeds, about $73.3 million net, went toward Springbok. The deal closed in April 2020. In December 2020, during the oil downturn, Kimbell amended its credit facility to commitments of up to $265 million, extended the maturity to June 2024 and replaced Frost Bank with Citibank as agent. In December 2021 it closed a $57 million all-cash purchase of Caritas Royalty Fund, a seller with no prior relationship to Kimbell. It also redeemed all 25,000 of its Series A preferred units.
2022-2023: Hatch and the Apollo-backed LongPoint deal
In November 2022 Kimbell agreed to buy Permian Basin interests from Hatch Royalty for about $150 million cash plus 7.27 million units. It raised about $100.7 million net by selling 6 million units at $17.75, its highest price yet. The deal closed in December at about $270.7 million, adding production of roughly 2,072 barrels of oil equivalent a day.
In June 2023 Kimbell replaced its credit facility with a new agreement offering room to grow to $750 million, an initial $400 million borrowing base and maturity in June 2027. A July amendment allowed it to issue preferred equity. In August it agreed to buy Cherry Creek Minerals from LongPoint Minerals II for about $455 million cash, its largest deal. It raised about $95.9 million net by selling 7.25 million units at $14.00, used to pay down revolver borrowings ahead of the purchase. The deal closed in September. It was funded largely by $325 million of new Series A preferred units sold to funds managed by Apollo affiliates, out of up to $400 million authorized, along with the equity raise and revolver borrowings. Apollo also received board representation rights.
2024-2026: Boren and a return to the insiders
The record for 2024 is quiet. In January 2025 Kimbell agreed to buy Permian Basin interests from Boren Minerals for about $231 million, payable all in cash or as $207 million cash plus 1.43 million common units. The next day it raised about $141.3 million net by selling 10 million units at $14.90, to repay revolver borrowings and help fund the purchase. In December 2025 it replaced its credit facility again, with room to grow to $1.5 billion, a $625 million initial borrowing base and maturity in December 2030. The maturity would step down to May 2030 if the Apollo preferred units were still outstanding and certain liquidity and leverage tests were not met.
On 17 July 2026, the latest event in the record, Kimbell agreed to a second purchase from Rivercrest Capital Partners (now with a second fund, Rivercrest Capital Partners II) and Cupola Royalty Direct, the same insiders as in 2018. It would pay about $75 million cash plus 9.5 million operating-subsidiary units. It would also buy out the remaining minority interests in OGM Partners I and RCPTX Ltd. that it did not already own.
Written from the 25 story beats below (2017 to 17 July 2026), which come from the company's own announcements and filings.