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TXO Partners (TXO) investor relations material
TXO Partners Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Business model and asset base
Operates as a yield-oriented MLP focused on long-lived, low-decline conventional oil and gas assets across the Permian, San Juan, and Williston Basins.
Holds approximately 642,000 net acres and 1,300,000 gross acres, with a production base of 33,000 BOE/d in Q4 2025.
Maintains a low base decline rate of 11%, supporting stable cash flows and distributions.
Management, board, and significant owners collectively own about 31% of units, aligning interests with investors.
Asset acquisition strategy has expanded the portfolio through targeted purchases in key basins since 2012.
Operational highlights and basin focus
Focused on three major US basins: Williston, San Juan, and Permian, balancing oil and gas exposure for capital flexibility.
Williston Basin receives the majority of 2026 discretionary capex, with production nearly doubling from 5.7 to 11.5 MBOE/d between Q4 2024 and Q4 2025.
San Juan Basin Mancos Shale play offers 58,500 net acres with infrastructure advantages and future development or monetization options.
Permian Basin assets provide 6.6 MBOE/d in 2025, with a low 6% decline rate and multiple upside opportunities through enhanced recovery methods.
Financial strategy and performance
2026 development costs are budgeted at approximately $70 million, supporting a high-margin capital program.
Variable distribution policy returns all available cash to unitholders, with over $245 million distributed since IPO and $6.20 per share.
Maintains a strong balance sheet, targeting 1.0x–2.0x Net Debt/Adjusted EBITDAX post-acquisitions.
Employs an opportunistic hedging strategy to manage commodity price risk and support consistent returns.
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