TXO Partners (TXO) Investor presentation summary

Portfolio and operating profile

• ~520K net acres across the Permian, San Juan and Williston basins; 2025 production of 22.5 MBoe/d, 106 MMBoe proved reserves and $1B proved PV-10.

• Estimated base decline rate of 12%; low-decline conventional production supports cash flow and lower-capex development.

• Management, board and significant owners hold ~35% of units; cumulative distributions since IPO reached $7.40 per unit and >$310M, including paid and announced distributions.

• 2026 estimated EBITDAX margin is 43%; YTD daily oil production growth was 27% vs. FY 2025, and YTD production was 26K Boe/d, excluding Cross Timbers Energy.

Basin assets and development

• Williston acreage totals ~271K net acres; production rose from 5.7 MBoe/d in 4Q 2024 to 11.5 MBoe/d in 4Q 2025, with oil cuts of 76% and 75%, respectively.

• Elm Coulee oil cut is ~50% higher than the North Dakota Bakken average; most 2026 discretionary capex is expected to be deployed in the Williston Basin.

• Permian acreage totals ~43K net acres; 2025 production was 4.5 MBoe/d, 85% oil and 98% liquids, with an estimated ~6% base decline rate.

• San Juan Mancos position includes 58,500 net acres, water rights, company-owned surface and SWD, and gathering-system optionality; development, JV, farmout and other monetization options are under review.

• Mancos development is unlikely to compel capital at 2027 forward prices; Permian upside includes infill drilling, waterflood and CO2 flood expansion, and recompletions.

Capital and distribution strategy

• 2026 full-year development costs are expected to be $90–$95MM; development costs include capital expenditures for oil and gas properties other than acquisitions.

• Distribution policy aims to deliver all available cash to unitholders; distributions vary with performance and commodity prices and may be zero in any period.

• Target net debt / adjusted EBITDAX of ~1.0x–~2.0x; hedging follows an opportunistic strategy.

• Low-risk capital spending and a conservatively capitalized balance sheet are presented as supporting financial flexibility and durable distributions.