TXO Partners, L.P. (TXO)

Price$15.06Cached quoteAs of 2026-09-05 06:16 UTC

AI: Fair-priced

Active upstream partnership with substantial commodity exposureTXO is an actively traded master limited partnership producing oil, natural gas and liquids in the Permian, San Juan and Williston basins.

Investors own common partnership units, not conventional corporate shares. Its June-end hedge schedule includes 10,000 barrels per day of fourth-quarter 2026 oil hedges at a weighted-average NYMEX price of $59.29 per barrel. These are reported contracts, not a commodity-price forecast. Hedging provides protection but limits upside; production declines, reserve uncertainty and drilling execution remain material risks.

Cash-flow valuation balanced by reinvestment and commodity risksCash generation supports value, but leverage, reinvestment requirements and commodity volatility prevent a clear undervaluation conclusion.

At the latest close, Stock Analysis reports valuation ratios of 1.23 times book value and 5.55 times operating cash flow. Fair-priced is a qualitative judgement. The operating-cash-flow multiple is not a distributable-cash multiple and does not deduct development spending. Book value is not a liquidation valuation. Stock Analysis reports average daily volume of 170,340 units over 20 trading days; sizeable orders may face limited market depth and execution risk.

Positive distributable cash, but derivative gains flatter quarterly earningsQuarterly net income was $60.771 million, including a $39.628 million noncash derivative gain; first-half net loss was $13.565 million.

The latest Form 10-Q, filed 4 August, covers the quarter ended 30 June. First-half operating cash flow was $82.508 million, development spending $24.670 million and distributions paid $36.526 million. Reported cash available for distribution was $63.849 million; this non-GAAP measure excludes working-capital changes and acquisition spending and is not a guaranteed payout.

Asset-sale cash addresses obligations, while debt and dilution persistJune-end cash was $107.478 million against $270.1 million of debt, with $147 million of unused borrowing availability.

These are not September balances. The reserve-backed revolving facility matures 30 August 2029. A July $95 million Cross Timbers distribution funded a $70 million deferred acquisition payment and revolving-debt repayment. Those proceeds were already included in June cash, not additional liquidity. Variable rates and borrowing-base redeterminations can constrain distributions. First-half unit awards added 662,000 common units, diluting existing ownership.

AI: News

Chairman discloses further common-unit purchasesChairman Bob R. Simpson reported buying 25,000 units on August 12 and 125,000 units on August 13.

The August 13 Form 4 reports weighted-average purchase prices of $14.4303 and $14.3183, respectively, and direct ownership of 9.5 million units after these transactions. These were purchases by an existing insider, not an issuer buyback or new capital raised by TXO. They establish increased ownership but do not independently establish fair value or future distribution sustainability.

Quarterly distribution declared as capital shiftsTXO declared a $0.40-per-unit second-quarter distribution and confirmed completion of previously announced asset sales.

The distribution was scheduled for 21 August to holders of record on 14 August. Management said capital investment was concentrating on Montana's Elm Coulee oil field while retained Permian and San Juan assets continued operating. Successful drilling and production replacement are essential to sustaining cash generation. The distribution policy is variable, not a fixed coupon, and foreign unitholders face withholding requirements.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$363.1M	$285.4M	$357.5M	$449.6M	$219.4M
Operating expenses	$431.6M	$289.7M	$504.5M	$272.1M	$184.2M
Operating income	−$30.6M	−$6.9M	−$123.8M	−$25.7M	$44.2M
Operating margin	−8.42%	−2.40%	−34.62%	−5.71%	20.14%
EBITDA	$66.0M	$45.5M	−$79.5M	$15.7M	$84.1M
EBITDA margin	18.17%	15.96%	−22.23%	3.49%	38.33%
Net income	−$21.6M	$23.5M	−$104.0M	−$7.7M	$52.5M
Net profit margin	−5.95%	8.23%	−29.08%	−1.71%	23.92%
Basic EPSper basic share	-$0.43	$0.66	-$3.44	-$0.31	$2.10
Diluted EPSper diluted share	-$0.43	$0.65	-$3.44	-$0.31	$2.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of TXO
Holder	Shares held
KING LUTHER CAPITAL MANAGEMENT CORP	3.07M
Energy Income Partners, LLC	1.64M
CIBC Bancorp USA Inc.	1.48M
AMERICAN CENTURY COMPANIES INC	1.44M
MORGAN STANLEY	873.6K
GOLDMAN SACHS GROUP INC	536.25K
ING GROEP NV	532K
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT	531K
FIRST TRUST ADVISORS LP	497.28K
STIFEL FINANCIAL CORP	369.96K
PIN OAK INVESTMENT ADVISORS INC	357.51K
RAYMOND JAMES FINANCIAL INC	356.69K
CITADEL ADVISORS LLC	342.13K
DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC	247K
WELLS FARGO & COMPANY/MN	159.04K
UBS Group AG	89.95K
GSA CAPITAL PARTNERS LLP	89.18K
Bramshill Investments, LLC	88.12K
GLENMEDE TRUST CO NA	83.25K
LuminArx Capital Management LP	81.73K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys31$85.52M disclosed value

Sells (SEC code S)9$2.59M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 23, 2026Form 4	SIMPSON BOB RDirector,TenPercentOwner	BuyCommon Units	63.3K	$12.64	$799.9K	9.10M
Jun 22, 2026Form 4	SIMPSON BOB RDirector,TenPercentOwner	BuyCommon Units	36.7K	$12.55	$460.8K	9.04M
Jun 3, 2026Form 4	SIMPSON BOB RDirector,TenPercentOwner	BuyCommon Units	369.2K	$13.91	$5.13M	9.00M
Jun 2, 2026Form 4	SIMPSON BOB RDirector,TenPercentOwner	BuyCommon Units	230.8K	$13.41	$3.10M	8.63M
May 27, 2026Form 4	SIMPSON BOB RDirector,TenPercentOwner	BuyCommon Units	65.6K	$13.20	$865.8K	8.40M