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TXO

TXO Partners, L.P.

TXO

TXO Partners, L.P. • NYSE
$12.49 ▲ 2.29% (+0.28)
Market Cap $684.26 M
52w High $20.70
52w Low $11.85
Dividend Yield 2.02%
P/E 31.23
Volume 144.78K
Outstanding Shares 54.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $100.876M ▲ $49.252M ▲ $4.352M ▲ 4.314% ▲ $0.079 ▲ $36.423M ▲
Q2-2025 $89.879M ▲ $28.576M ▲ $-135K ▼ -0.15% ▼ $-0.003 ▼ $24.12M ▼
Q1-2025 $84.325M ▼ $24.208M ▼ $2.416M ▼ 2.865% ▼ $0.059 ▼ $31.279M ▼
Q4-2024 $89.332M ▲ $24.502M ▲ $10.218M ▲ 11.438% ▲ $0.27 ▲ $32.193M ▲
Q3-2024 $68.731M $3.275M $203K 0.295% $0.005 $18.562M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.308M ▼ $1.376B ▲ $639.938M ▲ $736.22M ▼
Q2-2025 $7.953M ▼ $1.047B ▲ $293.656M ▼ $753.024M ▲
Q1-2025 $10.842M ▲ $1.033B ▲ $444.572M ▲ $588.733M ▼
Q4-2024 $7.305M ▲ $1.031B ▲ $421.425M ▲ $609.416M ▼
Q3-2024 $3.846M $1.016B $394.791M $621.379M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.352M ▲ $28.271M ▲ $-255.866M ▼ $224.95M ▲ $-2.645M ▲ $-206.533M ▼
Q2-2025 $-135K ▼ $26.854M ▼ $-42.723M ▼ $12.98M ▲ $-2.889M ▼ $-7.449M ▼
Q1-2025 $2.416M ▼ $30.61M ▼ $-6.843M ▲ $-20.23M ▲ $3.537M ▲ $30.303M ▼
Q4-2024 $10.218M ▲ $40.507M ▲ $-15.271M ▲ $-21.777M ▼ $3.459M ▲ $37.495M ▲
Q3-2024 $203K $20.71M $-234.53M $141.667M $-72.153M $-211.152M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural Gas
Natural Gas
 $20.00M ▲$20.00M ▲$20.00M ▲$30.00M ▲
Oil and Condensate
Oil and Condensate
 $100.00M ▲$60.00M ▼$60.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement TXO’s revenue base has generally trended upward over the last several years, helped by acquisitions and development activity, but profitability has been bumpy. After a sizable loss in the prior year, results recently moved back into the black, with positive net income and much healthier operating performance. However, operating profit is still thin and has even dipped slightly negative at times, showing that margins remain sensitive to cost swings and commodity prices. Overall, the business has progressed from deep losses during the downturn to modest profitability, but earnings quality is not yet consistently strong and remains cyclical and acquisition‑dependent.

Balance Sheet

Balance Sheet The balance sheet shows a growing asset base and a solid equity cushion, suggesting the company has been building scale over time. Debt is present but not extreme, though it has risen from very low levels, which is worth watching if spending stays elevated. Cash on hand is quite limited, meaning the partnership likely relies on ongoing cash generation and external financing to fund development and acquisitions. In simple terms, TXO has a reasonably strong capital foundation for its size, but not a lot of cash slack, and needs to remain disciplined on leverage as it grows.

Cash Flow

Cash Flow Operating cash flow has been consistently positive, which is a core strength and supports the distribution‑oriented model. Free cash flow, however, has swung between positive and negative as capital spending has moved in cycles. The most recent period shows heavy investment, driving free cash flow into the red despite solid cash generation from operations. That pattern is typical for an asset‑growth phase in oil and gas, but it does mean distributions and debt levels depend on management’s timing and discipline around new projects and acquisitions. Sustainability will hinge on converting this investment into steadier surplus cash in future years.

Competitive Edge

Competitive Edge TXO competes by focusing on mature, conventional oil and gas fields with slow production declines rather than chasing higher‑risk shale growth. This gives it more predictable production profiles and typically lower maintenance spending relative to many unconventional peers. The company’s edge lies in its specialization: deep basin knowledge, a repeatable acquisition playbook, and disciplined operations on long‑lived assets. On the flip side, this is a niche strategy that may not capture the same upside as aggressive shale players in strong commodity cycles, and TXO must continually find suitable conventional assets at attractive prices to sustain its model.

Innovation and R&D

Innovation and R&D Innovation at TXO is practical and field‑oriented, not about breakthrough technology. The partnership focuses on squeezing more value out of existing wells through re‑fracs, selective new drilling, and careful well management tailored to known geology. Their “innovation” is essentially process excellence: applying established techniques efficiently in basins they know well. They also emphasize disciplined capital allocation and a yield‑focused structure, which is more of a financial design than classic R&D. Future upside depends on how well they execute their drilling inventory, integrate new acquisitions, and position their gas assets for rising demand, rather than on any proprietary tech edge.

Summary

TXO has evolved from loss‑making years into a modestly profitable, cash‑generating partnership built around conventional oil and gas properties. The financial picture shows improving earnings, a growing asset base, and consistent operating cash flow, but also thin margins, limited cash reserves, and lumpy free cash flow due to sizable investment cycles. Competitively, TXO leans on a differentiated strategy: low‑decline conventional fields, basin expertise, and a disciplined, distribution‑oriented model rather than high‑risk growth. The main opportunities lie in continued smart acquisitions and efficient development of its drilling inventory; the main risks are commodity price swings, capital discipline, and the need to keep leverage contained while funding growth and distributions.

NEWS

November 4, 2025 · 4:10 PM UTC

TXO Partners Declares a Third Quarter 2025 Distribution of $0.35 on Common Units; Files Quarterly Report on Form 10-Q

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October 6, 2025 · 8:45 AM UTC

TXO Partners Provides 2025 Distribution Outlook, Strategic Perspective and Operational Update

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