TXO Partners LP (NYSE: TXO) is an oil and natural gas exploration and production limited partnership that acquires and develops producing hydrocarbon properties across multiple U.S. basins. Revenue comes from selling crude oil, natural gas, and natural gas liquids (NGLs) extracted from its operated properties, with commodity price realizations as the primary earnings driver. As of FY2025, TXO produced an average of 28,268 Boe/d across three core operating areas: the Permian Basin (6,589 Boe/d, approximately 86% oil), the San Juan Basin (12,819 Boe/d, approximately 81% natural gas), and the Williston Basin (7,602 Boe/d, approximately 74% oil). The partnership is structured as a publicly traded master limited partnership, distributing cash flow to unitholders rather than retaining earnings for growth. Capital spending totaled $71.1 million in FY2025, with a development budget of approximately $70 million planned for 2026. TXO funds capital expenditures primarily through operating cash flow, supplemented by its revolving credit facility and equity offerings for acquisitions.

Revenue model

Transactional commodity sales: oil, natural gas, and NGLs sold at market prices from company-operated producing properties. No disclosed hedging revenue breakdown in excerpts.

Products and services

Crude oil production, natural gas production, natural gas liquids (NGLs) production. Development activities include new well drilling, workovers, recompletions, and field optimizations.

Customers and end markets

Downstream purchasers of crude oil, natural gas, and NGLs. No specific customer names or concentration data disclosed in the filing excerpts.

Value-chain role

Upstream oil and gas producer. Acquires producing properties, operates and develops them, and sells extracted hydrocarbons. Does not operate midstream or downstream assets based on filing excerpts.

Geographic exposure

United States only. Three basins as of FY2025: Permian Basin (Texas), San Juan Basin (New Mexico, Colorado, Utah, Arizona), and Williston Basin (Montana, North Dakota via July 2025 White Rock Energy acquisition in Elm Coulee field).

Source: SEC 10-K, filed 2026-02-26

Industry: Crude Petroleum & Natural Gas Peers: Berry Corp (bry) ConocoPhillips TELLURIAN INC. /DE/ Permian Basin Royalty Trust SandRidge Energy Inc Riley Exploration Permian Inc Vitesse Energy Inc