TXO Partners, L.P.

TXO Partners, L.P. is a U.S.-based publicly traded limited partnership that produces crude oil, natural gas, and natural gas liquids from long-lived oil and gas properties. The partnership sells its production through short-term arm’s-length arrangements and operates as a production-and-distribution business with a focus on legacy asset management, development, and acquisitions.

16,5 %

−5,4 %

+41,8 %

0.62

0.62

— TXO Partners, L.P.
%
Crude oil sales70% Sales of produced crude oil from the partnership's operated and non-operated properties.
Natural gas sales21% Sales of produced natural gas sold into established regional markets.
Natural gas liquids sales9% Sales of NGL volumes extracted and marketed alongside oil and gas production.

TXO sells production to a relatively small number of commodity purchasers, including marketers and large energy buyers,...

  • Large commodity purchasersprimary

    Buy crude oil, natural gas and NGL volumes for resale or processing; important because a few buyers account for a large share of revenue.

  • Energy marketers and aggregatorsprimary

    Purchase production under short-term contracts and move volumes into broader market channels.

  • Derivative counterpartiessecondary

    Financial institutions that transact commodity swaps used to hedge price exposure.

TXO Partners is a U.S. upstream producer, so its operations, production, and sales are concentrated in domestic oil and...

  • •Operations and sales are concentrated in the United States
  • •Revenue depends on domestic pipeline and processing access
  • •Commodity sales are tied to regional U.S. market hubs
  • •Takeaway capacity and local infrastructure affect realizations
  • •U.S. regulation and permitting shape operating conditions

TXO's strategy is to manage a long-lived production base with disciplined capital allocation across development,...

01
Capital allocation disciplineshort-term

The business depends on choosing between development, acquisitions, debt reduction and distributions.

02
Production and distribution modelmedium-term

Cash generation from legacy assets supports both reinvestment and unitholder distributions.

03
Commodity risk managementshort-term

Hedging helps stabilize cash flows exposed to volatile oil and gas prices.

TXO is exposed to commodity price volatility, production declines, and the availability of market outlets for its oil,...

high

Commodity price volatility

Oil, gas and NGL prices directly affect realized revenue, cash flow and distributions.

Scope
Crude oil, natural gas and NGL sales
Materiality
high
high

Customer concentration

A few purchasers account for a large portion of revenue, so buyer loss or distress could reduce sales.

Scope
Chevron USA, Gunvor USA, Plains All American
Materiality
high
high

Reserve and impairment risk

Lower commodity prices or reserve revisions can trigger long-lived asset impairments.

Scope
Proved oil and gas properties
Materiality
high
medium

Infrastructure and market access

Production depends on pipelines, processing plants and regional takeaway capacity.

Scope
Domestic oil and gas basins
Materiality
high
medium

Derivative counterparty risk

Hedging reduces price risk but introduces exposure to financial counterparties and settlement obligations.

Scope
Commodity swaps and master netting arrangements
Materiality
medium
Unit-of-production DD&A
Reported earnings and asset carrying values
Long-lived asset impairment
Potential write-downs of producing properties
Commodity derivative accounting
Revenue and earnings volatility
Asset retirement obligations
Liabilities and accretion expense

MEXCO ENERGY CORP

MXC · Crude Petroleum & Natural Gas

RXO, Inc.

RXO · Transportation Services

United States Oil Fund, LP

USO · Commodity Contracts Brokers & Dealers

Trio Petroleum Corp

TPET · Crude Petroleum & Natural Gas

KLX Energy Services Holdings, Inc.

KLXE · Oil & Gas Field Services, NEC

RESERVE PETROLEUM CO

RSRV · Crude Petroleum & Natural Gas

: 29/04/2026