TXO Partners (TXO) EnerCom Denver – The Energy Investment Conference summary

Strategic vision and ownership

• Leadership and board own about a third of the company, guiding decisions with a long-term owner mindset.

• Focus is on building value with high-quality assets, not just increasing size.

• Emphasis on sustainable, durable business practices and cost discipline.

• Distribution growth is a core annual goal, balancing short-term returns with long-term value.

• MLP structure supports capital allocation and distribution priorities.

Asset portfolio and acquisitions

• Operates across three major basins: Permian, San Juan, and Williston, with 520,000 net acres.

• Recent acquisitions include re-entry into the Williston Basin and the White Rock deal, expanding high-margin opportunities.

• Asset base allows flexibility to shift capital between oil and gas depending on market conditions.

• Permian assets feature low decline rates and strong NGL production, supporting overall portfolio stability.

• San Juan Basin and Mancos position offer significant future upside, with development contingent on commodity prices.

Operational strategy and technology

• Recent drilling in Williston shifted from refracs to new, longer laterals, improving productivity.

• 2026 program includes seven organic wells with average laterals of 14,700 feet, all online by October.

• Over 100 additional drilling locations identified in Williston, leveraging advances in completion technology.

• Knowledge sharing and cooperation in the basin drive efficiency and performance above type curves.

• Capital efficiency is enhanced by pad drilling and beneficial interference from frac protect strategies.