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Kimbell Royalty Partners
Kimbell Royalty Partners consolidates US oil and gas mineral rights across 16M+ acres, paying quarterly distributions without lifting a drill bit.
Kimbell Royalty Partners
Kimbell Royalty Partners was formed in 2015 by Robert Ravnaas and his son Davis, emerging at a moment of extreme dislocation in energy markets. The firm's founding asset base was anchored by the consolidation of mineral interests previously held by entities affiliated with EnCap Investments and the acquisition of assets from Breitburn Energy. Kimbell operates as a publicly traded limited partnership, structured to own mineral and royalty interests that entitle it to a share of revenue from oil and natural gas production across onshore US resource plays. Kimbell's portfolio is concentrated in hard-rock minerals and hydrocarbon royalties, spanning the Permian Basin, Haynesville Shale, Appalachia, Mid-Continent, and Bakken regions. The firm acquires assets in bulk from distressed operators and consolidates scattered, passive mineral positions in premier basins. Its strategy avoids the operational risk of drilling, instead capturing revenue streams from diversified operators including Chevron, ConocoPhillips, and EOG Resources. The structure functions as a yield vehicle, distributing the bulk of its royalty cash flow quarterly to unitholders. The firm's asset base has grown through a series of acquisitions, notably the purchase of mineral and royalty interests from EnCap's portfolio companies, the absorption of Haymaker Minerals & Royalties, and the landmark transaction to acquire all outstanding units of the MB Minerals trust in 2021. As of public filings, Kimbell holds the largest public mineral and royalty company acreage position in the US, with its assets concentrated in basins where horizontal drilling and multi-well pad development generate durable, long-lived production curves. Kimbell's structural differentiator is its hybrid nature: a publicly listed operating company that functions as a passive minerals aggregator, avoiding the boom-and-bust capital discipline failures of E&P operators. This architecture permits it to trade at valuations tied to spot commodity prices and long-lived reserves rather than short-cycle drilling programs. Leadership remains tightly held by the Ravnaas family, who maintain operational control through ownership of the general partner, creating a governance model that aligns long-term distribution growth with counter-cyclical mineral acquisition without public-company incentive distortion.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Fort Worth
Corporate office
Fort Worth, TX, United States
Principals
Robert Ravnaas
Chairman and Chief Executive Officer
R. Davis Ravnaas
President and Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Kimbell Royalty Partners?
Robert Ravnaas serves as Chairman and CEO, and his son R. Davis Ravnaas is President and CFO. Together they control the general partner and direct the acquisition strategy, targeting mineral and royalty interests from distressed or consolidating sellers. The firm's public structure means material acquisitions and reserve engineering are disclosed in SEC filings, but tactical purchase decisions remain with the Ravnaas family's management team.
How does Kimbell Royalty Partners source proprietary deal flow?
Kimbell sources deals through a network of energy private equity firms, distressed operator asset sales, and direct negotiations with family-held mineral owners. The firm's relationship with EnCap Investments has historically provided acquisition opportunities from EnCap's portfolio company exits. Kimbell also serves as a consolidation vehicle for trusts and private mineral aggregators seeking liquidity without the cost of a standalone public listing.
Is Kimbell structured as a family office or does it operate more like a public energy company?
Kimbell is a publicly traded partnership listed on the New York Stock Exchange, but it functions with family-office characteristics: the Ravnaas family controls the general partner and makes all material investment decisions. The structure allows external investors to access a publicly registered, liquid vehicle that generates royalty-based cash distributions, while the family retains governance control and long-term strategic direction.
Does Kimbell participate in fund commitments or only direct deals?
Kimbell exclusively acquires direct mineral and royalty interests — it does not make fund commitments or invest in private equity vehicles. Every acquisition results in title transfer of hard assets, typically overriding royalty interests, mineral fee interests, or non-operated working interests. The firm does not commit third-party capital to external energy funds.
Which basins does Kimbell Royalty Partners target?
Kimbell targets the Permian Basin, Haynesville Shale, Appalachia, Bakken, and the Mid-Continent region. The firm's acquisition focus is on basins with established, multi-operator horizontal development programs where the royalty owner is not exposed to single-operator performance risk. The Permian Basin represents the largest concentration of its acreage and revenue.
How is Kimbell Royalty Partners related to EnCap Investments?
EnCap Investments was an early anchor for Kimbell, contributing mineral and royalty interests from its portfolio companies into Kimbell's formation structure. EnCap and its affiliates received common units in the public entity, aligning EnCap's portfolio realization strategy with Kimbell's aggregation model. The ongoing relationship provides Kimbell with potential acquisition flow from EnCap-backed operators that generate royalty obligations during development.
What is Kimbell's known posture on co-investments alongside external GPs?
Kimbell does not co-invest alongside external general partners in operating companies. Its model is purely asset-level ownership — it purchases mineral and royalty interests outright, often from sellers who retain operating control. The firm may acquire assets alongside other mineral aggregators in a consortium or negotiated joint purchase, but it does not participate in GP-led private equity co-investment programs.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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