TXO · TXO Partners, L.P.

TXO Partners, L.P., an oil and natural gas company, focuses on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. Its acreage positions are concentrated in the Permian Basin of West Texas and New Mexico; the San Juan Basin of New Mexico and Colorado; and the Williston Basin of Montana and North Dakota. TXO Partners, L.P. was formerly known as TXO Energy Partners, L.P. and changed its name to TXO Partners, L.P. in May 2023. The company was incorporated in 2012 and is based in Fort Worth, Texas.

Cap structure and valuation

Cap structure
SP	$12.77
SO	55.2M
Options	0.0M
Warrants	0.0M
FD SO	55.2M
MC	$705.2M

Cash	$7.9M
Total debt	$277.1M
EV	$974.4M

TTM Multiples
EV / Revenue	2.8x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-04. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	28.28	125.93	100.88	89.88
Revenue YoY %	(66.5%)	41.0%	46.8%	56.8%

SG&A	4.81	4.74	4.83	9.45

Operating Income	(77.55)	(27.04)	3.76	(3.71)
Operating Income YoY %	(2064.4%)	(591.1%)	175.7%	63.2%
Operating Margin %	(274.3%)	(21.5%)	3.7%	(4.1%)
EBITDA	(48.71)	2.72	27.46	17.97
EBITDA Margin %	(172.3%)	2.2%	27.2%	20.0%

Interest Expense	5.74	6.27	4.50	2.57
Pretax Income	(74.34)	(28.25)	4.35	(0.14)
Net Income	(74.34)	(28.25)	4.35	(0.14)
Net Margin %	(262.9%)	(22.4%)	4.3%	(0.2%)

Diluted EPS	-$1.35	-$0.57	$0.08	$0.00
Basic EPS	-$1.35	-$0.57	$0.08	$0.00
Diluted Avg Shares	55.1	0.8	55.8	48.2
Basic Avg Shares	55.1	1.7	54.8	48.2

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	344.96	401.01	282.81	380.72	246.40
Revenue YoY %	(14.0%)	41.8%	(25.7%)	54.5%	—

SG&A	23.84	21.46	14.53	7.89	1.65

Operating Income	(104.55)	(30.58)	(6.86)	(123.78)	(25.68)
Operating Income YoY %	(241.9%)	(345.7%)	94.5%	(382.0%)	—
Operating Margin %	(30.3%)	(7.6%)	(2.4%)	(32.5%)	(10.4%)
EBITDA	(0.57)	65.99	45.55	(79.49)	15.68
EBITDA Margin %	(0.2%)	16.5%	16.1%	(20.9%)	6.4%

Interest Expense	19.08	16.96	7.87	4.42	8.20
Pretax Income	(98.37)	(21.62)	23.50	(103.99)	(7.67)
Net Income	(98.37)	(21.62)	23.50	(103.99)	(7.67)
Net Margin %	(28.5%)	(5.4%)	8.3%	(27.3%)	(3.1%)

Diluted EPS	-$1.84	-$0.43	$0.65	-$3.44	-$0.31
Basic EPS	-$1.84	-$0.43	$0.66	-$3.44	-$0.31
Diluted Avg Shares	55.1	49.8	36.1	30.3	25.0
Basic Avg Shares	55.1	49.8	35.6	30.3	25.0

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	7.89	9.37	5.31	7.95
Receivables	58.45	52.39	45.60	36.99
Total Current Assets	90.23	95.33	76.92	70.76

Net PPE	1,215.50	1,240.64	1,284.53	958.36
Total Assets	1,321.79	1,354.90	1,376.16	1,046.68

Accounts Payable	38.99	27.98	29.66	18.78
Total Current Liabilities	210.00	153.92	160.62	72.71
Long-term Debt	277.10	291.10	271.10	19.10

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	7.89	9.37	7.30	4.50	9.20
Receivables	58.45	52.39	39.69	32.23	52.30
Total Current Assets	90.23	95.33	64.45	55.19	74.03

Net PPE	1,215.50	1,240.64	951.39	629.32	836.40
Total Assets	1,321.79	1,354.90	1,030.84	695.61	924.63

Accounts Payable	38.99	27.98	18.22	8.60	14.69
Total Current Liabilities	210.00	153.92	66.34	39.12	147.46
Long-term Debt	277.10	291.10	157.10	28.10	120.10

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(74.34)	(28.25)	4.35	(0.14)
D&A	28.84	29.76	23.70	21.68
Stock-Based Comp	3.57	3.47	3.47	7.24
Operating Cash Flow	33.41	32.45	28.27	26.85

Investing Cash Flow	(4.38)	(29.89)	(255.87)	(42.72)

Debt Issuance	23.00	45.00	272.00	52.50
Debt Repayment	(37.00)	(25.00)	(20.00)	(195.50)
Financing Cash Flow	(30.52)	1.50	224.95	12.98

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(98.37)	(21.62)	23.50	(103.99)	(7.67)
D&A	103.98	96.57	52.41	44.29	41.36
Stock-Based Comp	17.75	16.30	6.17	3.47	0.00
Operating Cash Flow	120.98	118.19	109.30	77.15	136.38

Investing Cash Flow	(332.86)	(335.32)	(288.28)	(46.22)	(86.67)

Debt Issuance	392.50	405.50	251.00	86.00	1,461.00
Debt Repayment	(277.50)	(271.50)	(122.00)	(178.00)	(1,493.00)
Financing Cash Flow	208.91	219.20	181.78	(35.63)	(48.05)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	0.43	0.62	0.48	0.97
Quick Ratio	—	—	—	—
Debt / Equity	—	—	—	—
EBITDA Margin %	(172.3%)	2.2%	27.2%	20.0%
Working Capital	(119.77)	(58.58)	(83.70)	(1.96)
Net Debt	269.21	281.73	265.79	11.15
ROE %	—	—	—	—
ROA %	(5.6%)	(2.1%)	0.3%	(0.0%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	0.43	0.62	0.97	1.41	0.50
Quick Ratio	—	—	—	—	—
Debt / Equity	—	—	—	—	—
EBITDA Margin %	(0.2%)	16.5%	16.1%	(20.9%)	6.4%
Working Capital	(119.77)	(58.58)	(1.89)	16.07	(73.44)
Net Debt	269.21	281.73	149.79	23.59	110.90
ROE %	—	—	—	—	—
ROA %	(7.4%)	(1.6%)	2.3%	(14.9%)	(0.8%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-15	SIMPSON BOB R	Director, 10% Owner	2026-05-15	P	151,597	$12.95	$1,962,635
2026-05-15	SIMPSON BOB R	Director, 10% Owner	2026-05-14	P	64,475	$13.02	$839,161
2026-05-15	SIMPSON BOB R	Director, 10% Owner	2026-05-13	P	85,525	$12.98	$1,110,183
2026-05-11	SIMPSON BOB R	Director, 10% Owner	2026-05-11	P	500,000	$12.67	$6,336,750
2026-05-11	ADAMS WILLIAM H III	Director	2026-05-08	P	10,000	$12.41	$124,117
2026-05-11	SIMPSON BOB R	Director, 10% Owner	2026-05-08	P	162,365	$12.50	$2,030,066
2026-05-11	SIMPSON BOB R	Director, 10% Owner	2026-05-07	P	87,635	$12.43	$1,089,680
2026-04-01	Clum Brent W.	Director, Officer (Co-CEO and CFO)	2026-04-01	S	(27,234)	$12.38	-$337,157
2026-04-01	Simpson Gary D.	Director, Officer (Co-Chief Executive Officer)	2026-04-01	S	(27,234)	$12.38	-$337,157
2026-03-27	HUTTON KEITH A	Director	2026-03-27	G	(720,000)	—	$-0
2026-02-11	King Luther Jr	Director	2026-01-31	A	10,667	—	$0
2026-02-03	ADAMS WILLIAM H III	Director	2026-01-31	A	10,667	—	$0
2026-02-03	KEVIL PHILLIP R	Director	2026-01-31	A	10,667	—	$0
2026-02-03	Simpson Gary D.	Director, Officer (Co-Chief Executive Officer)	2026-01-31	A	155,556	—	$0
2026-02-03	Simpson Gary D.	Director, Officer (Co-Chief Executive Officer)	2026-01-31	A	52,769	—	$0
2026-02-03	Simpson Gary D.	Director, Officer (Co-Chief Executive Officer)	2026-01-31	S	(8,126)	$12.07	-$98,081
2026-02-03	Massaro Lawrence S	Director	2026-01-31	A	10,667	—	$0
2026-02-03	Agosta Scott T.	Officer (Chief Accounting Officer)	2026-01-31	A	35,556	—	$0
2026-02-03	Agosta Scott T.	Officer (Chief Accounting Officer)	2026-01-31	A	21,109	—	$0
2026-02-03	Agosta Scott T.	Officer (Chief Accounting Officer)	2026-01-31	S	(10,689)	$12.07	-$129,016
2026-02-03	Settle Rick Jacob	Director	2026-01-31	A	10,667	—	$0
2026-02-03	Clum Brent W.	Director, Officer (Co-CEO and CFO)	2026-01-31	A	155,556	—	$0
2026-02-03	Clum Brent W.	Director, Officer (Co-CEO and CFO)	2026-01-31	A	52,769	—	$0
2026-02-03	Clum Brent W.	Director, Officer (Co-CEO and CFO)	2026-01-31	S	(19,571)	$12.07	-$236,222
2025-12-16	KEVIL PHILLIP R	Director	2025-12-11	P	2,000	$11.90	$23,800
2025-05-20	ADAMS WILLIAM H III	Director, Other (See Remarks)	2025-05-19	P	10,000	$15.26	$152,600
2025-05-19	King Luther Jr	Director, Other (See below)	2025-05-15	P	500,000	$15.00	$7,500,000
2025-05-15	SIMPSON BOB R	Director, 10% Owner	2025-05-15	P	2,250,000	$15.00	$33,750,000
2025-05-15	Massaro Lawrence S	Director	2025-05-15	P	20,000	$15.00	$300,000
2025-05-15	HUTTON KEITH A	Director	2025-05-15	P	700,000	$15.00	$10,500,000
2025-05-15	KEVIL PHILLIP R	Director	2025-05-14	P	3,000	$15.18	$45,540
2025-04-01	Massaro Lawrence S	Director	2025-04-01	A	3,900	—	$0
2025-04-01	Simpson Gary D.	Director, Officer (Co-Chief Executive Officer)	2025-04-01	A	100,000	—	$0
2025-04-01	Simpson Gary D.	Director, Officer (Co-Chief Executive Officer)	2025-04-01	A	100,000	—	$0
2025-04-01	Simpson Gary D.	Director, Officer (Co-Chief Executive Officer)	2025-04-01	S	(31,517)	$19.08	-$601,344
2025-04-01	Clum Brent W.	Director, Officer (Co-CEO and CFO)	2025-04-01	A	100,000	—	$0
2025-04-01	Clum Brent W.	Director, Officer (Co-CEO and CFO)	2025-04-01	A	100,000	—	$0
2025-04-01	Clum Brent W.	Director, Officer (Co-CEO and CFO)	2025-04-01	S	(31,517)	$19.08	-$601,344
2025-02-04	Agosta Scott T.	Officer (Chief Accounting Officer)	2025-01-31	A	21,110	—	$0
2025-02-04	Agosta Scott T.	Officer (Chief Accounting Officer)	2025-01-31	A	24,080	—	$0
2025-02-04	Agosta Scott T.	Officer (Chief Accounting Officer)	2025-01-31	S	(5,775)	$18.59	-$107,357
2025-02-04	Simpson Gary D.	Officer (President, Prod & Development)	2025-01-31	A	52,770	—	$0
2025-02-04	Simpson Gary D.	Officer (President, Prod & Development)	2025-01-31	A	8,090	—	$0
2025-02-04	Clum Brent W.	Director, Officer (Pres, Business Opers and CFO)	2025-01-31	A	52,770	—	$0
2025-02-04	Clum Brent W.	Director, Officer (Pres, Business Opers and CFO)	2025-01-31	A	60,200	—	$0
2025-02-04	Clum Brent W.	Director, Officer (Pres, Business Opers and CFO)	2025-01-31	S	(7,702)	$18.59	-$143,180
2025-02-04	Settle Rick Jacob	Director	2025-01-31	A	5,500	—	$0
2025-02-04	King Luther Jr	Director, 10% Owner, Other (See below)	2025-01-31	A	3,900	—	$0
2025-02-04	KEVIL PHILLIP R	Director	2025-01-31	A	3,900	—	$0
2025-02-04	ADAMS WILLIAM H III	Director, Other (See Remarks)	2025-01-31	A	5,500	—	$0
2025-01-02	ADAMS WILLIAM H III	Director, Other (See Remarks)	2024-12-30	P	14,000	$16.93	$236,998
2024-12-19	HUTTON KEITH A	Director, 10% Owner	2024-12-19	P	20,000	$15.85	$317,000
2024-12-19	HUTTON KEITH A	Director, 10% Owner	2024-12-18	P	60,000	$16.04	$962,556
2024-12-19	HUTTON KEITH A	Director, 10% Owner	2024-12-17	P	40,000	$15.64	$625,464
2024-12-18	KEVIL PHILLIP R	Director	2024-12-17	P	500	$15.75	$7,875
2024-12-18	KEVIL PHILLIP R	Director	2024-12-16	P	1,000	$16.25	$16,250
2024-12-18	KEVIL PHILLIP R	Director	2024-12-16	P	500	$16.05	$8,025
2024-06-28	HUTTON KEITH A	Director, Officer (President of Prod and Develop), 10% Owner	2024-06-28	P	878,000	$20.00	$17,560,000
2024-06-28	SIMPSON BOB R	Director, Officer (Chairman and CEO), 10% Owner	2024-06-28	P	100,000	$20.00	$2,000,000
2024-05-28	King Luther Jr	Director, 10% Owner	2024-05-24	S	(10,000)	$21.24	-$212,428
2024-05-24	King Luther Jr	Director, 10% Owner	2024-05-23	S	(10,000)	$21.16	-$211,642
2024-05-24	King Luther Jr	Director, 10% Owner	2024-05-22	S	(10,000)	$22.20	-$221,977