TXO Partners, L.P.
- Open
- 13.06
- Day high
- 13.06
- Day low
- 12.71
- Prev close
- 13.05
- Volume
- 123K
- Mkt cap
- $707M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.2
- P/S
- 2.0
- Yield
- 5.16%
- Per share
- $0.66
- ▲Insiders net buying $31.1M over the last 3 months (17 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
TXO Partners, L.P. (TXO) is a Energy company listed on NYSE. The stock is down 14% over the past year. Over the trailing 3 months, insiders filed 17 open-market buys and 0 sales (SEC Form 4).
TXO Partners, L.P. (TXO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TXO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $-0.05 | $-1.35 | -2600.0% | $28M | -74.5% |
| Nov 4, 2025 | $0.01 | $0.08 | +700.0% | $101M | -9.2% |
| May 1, 2025 | $0.36 | $0.24 | -33.3% | $84M | +3.0% |
| Mar 4, 2025 | $0.39 | $0.26 | -33.3% | $89M | +6.8% |
| Mar 5, 2024 | $0.26 | $0.98 | +276.9% | $72M | +1.4% |
| Apr 18, 2023 | $0.03 | $2.86 | +9433.3% | $158M | +44.7% |
| Jan 26, 2023 | — | $-0.57 | — | $42M | — |
| Sep 30, 2022 | — | $1.86 | — | $121M | — |
| Jun 30, 2022 | — | $0.82 | — | $93M | — |
| Mar 31, 2022 | — | $-2.05 | — | $-10M | — |
TXO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 36,718 | $12.55 |
| Jun 24, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 63,282 | $12.64 |
| Jun 3, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 230,847 | $13.41 |
| Jun 3, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 369,153 | $13.91 |
| May 27, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 65,592 | $13.20 |
| May 26, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 104,451 | $13.77 |
| May 26, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 245,549 | $13.70 |
| May 26, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 34,408 | $13.27 |
| May 20, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 90,152 | $13.35 |
| May 20, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 58,251 | $13.17 |
| May 15, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 151,597 | $12.95 |
| May 15, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 85,525 | $12.98 |
| May 15, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 64,475 | $13.02 |
| May 11, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 500,000 | $12.67 |
| May 11, 2026 | SIMPSON BOB Rdirector, 10 percent owner: | Buy | 87,635 | $12.43 |
Source: TXO SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full TXO insider & 13F page →TXO Partners, L.P. company profile
Overview
TXO Energy Partners, L.P. (NYSE:TXO) is a Fort Worth, Texas-based oil and gas exploration and production company that went public in January 2023. Founded in 2012, the company focuses on acquiring, developing, and optimizing conventional oil, natural gas, and natural gas liquids reserves across North America. TXO operates primarily in two key shale formations: the San Juan Basin spanning New Mexico and Colorado, and the prolific Permian Basin covering West Texas and New Mexico. The company has built a substantial asset base with working interests in over 850,000 gross acres as of 2022.
Business
TXO Energy Partners operates in the upstream oil and gas sector, which involves the exploration, drilling, and production of crude oil and natural gas from underground reservoirs. The company's core business centers on conventional hydrocarbon extraction from established shale formations, rather than exploring for new oil fields. The oil and gas industry is divided into three main segments: upstream (exploration and production), midstream (transportation and storage), and downstream (refining and marketing). TXO operates exclusively in the upstream segment, extracting raw hydrocarbons from the ground and selling them to midstream companies or directly to refiners. TXO's operations are concentrated in two major North American shale plays. The San Juan Basin is a mature natural gas-producing region known for its coal bed methane and conventional gas reserves, while the Permian Basin is one of the world's most prolific oil-producing regions, containing multiple stacked formations with both oil and gas reserves. These geological formations contain hydrocarbons trapped in low-permeability rock that require specialized extraction techniques. The company's business model revolves around acquisition and optimization rather than greenfield exploration. TXO typically acquires existing producing wells and undeveloped acreage, then applies modern drilling and completion techniques to enhance production from these assets. This approach allows the company to focus on known reserves with established production history, reducing geological risk compared to exploratory drilling.
Revenue model
TXO Energy Partners generates revenue primarily through commodity sales of crude oil, natural gas, and natural gas liquids (NGLs) to wholesale buyers, including refiners, marketers, and pipeline companies. The company's revenue is directly tied to both production volumes and prevailing commodity prices, which fluctuate based on global supply and demand dynamics. The company's financial performance is heavily influenced by several key factors. Commodity price volatility represents the most significant variable, as oil and gas prices can swing dramatically based on geopolitical events, economic cycles, and supply-demand imbalances. Higher prices directly translate to increased revenue per barrel or thousand cubic feet produced, while price declines can quickly erode margins. Production efficiency and well performance directly impact profitability, as TXO's fixed costs remain relatively constant regardless of output levels. The company focuses on optimizing existing wells through enhanced recovery techniques and strategic drilling programs to maintain or increase production rates. Operational factors such as drilling costs, completion techniques, and production decline rates significantly influence unit economics. Capital allocation decisions play a crucial role in long-term profitability. TXO must balance between reinvesting in drilling new wells to maintain production levels versus returning cash to shareholders through distributions. The company's ability to acquire attractive assets at reasonable valuations also impacts future cash flow generation. External factors affecting margins include regulatory changes in environmental policies, transportation costs for moving products to market, and competition from other producers, particularly larger integrated oil companies with greater financial resources and operational scale. Additionally, technological advances in drilling and completion techniques can either provide competitive advantages or require significant capital investments to remain competitive.
Competitive moat
TXO Energy Partners operates in a commodity business with limited sustainable competitive advantages. The company's primary assets are its acreage positions in established basins, but these do not constitute a strong economic moat since oil and gas reserves are finite resources that deplete over time. The company's operational expertise in optimizing mature assets provides some competitive advantage, particularly in maximizing recovery from existing wells through enhanced completion techniques and strategic drilling programs. However, this expertise is not proprietary and can be replicated by competitors with sufficient capital and technical resources. TXO's scale and geographic concentration in the San Juan and Permian basins may provide modest operational efficiencies through shared infrastructure and concentrated expertise. The company can leverage existing pipeline connections, processing facilities, and local contractor relationships to reduce costs. However, this geographic concentration also creates vulnerability to regional regulatory changes or infrastructure constraints. The company faces significant competitive pressures from larger integrated oil companies with superior financial resources, diversified operations, and economies of scale. Major producers like ExxonMobil, Chevron, and ConocoPhillips can outbid TXO for attractive acquisition targets and have greater financial flexibility during commodity price downturns. Technological disruption poses both opportunities and threats. While advances in drilling and completion techniques can improve TXO's operational efficiency, the company must continuously invest in new technologies to remain competitive. Additionally, the long-term transition toward renewable energy sources creates uncertainty about future demand for fossil fuels, potentially limiting the company's long-term growth prospects. Overall, TXO operates in a highly competitive, capital-intensive industry with limited barriers to entry for well-capitalized competitors, resulting in a relatively narrow economic moat.
Risks & safety
TXO Energy Partners presents a moderate margin of safety with manageable debt levels but limited financial flexibility during commodity price downturns. • Liquidity position: Cash and short-term investments of $10.8 million as of Q1 2025, representing minimal liquidity buffer relative to quarterly operating expenses of approximately $50-60 million • Debt management: Debt-to-equity ratio of 0.21 indicates conservative leverage, with total liabilities of $445 million against $1.03 billion in total assets • Cash flow generation: Positive operating cash flow of $30.6 million in Q1 2025, but highly volatile based on commodity prices; free cash flow turned positive at $30.3 million after significant capital expenditures • Valuation metrics: Trading at P/E ratio of 81.5x based on recent quarterly earnings, though this reflects low absolute earnings rather than expensive valuation; EV/EBITDA of 13.1x appears reasonable for the sector • Working capital: Current ratio of 0.995 indicates tight short-term liquidity, with current assets barely covering current liabilities • Operational considerations: Revenue volatility due to commodity price exposure creates earnings unpredictability; company's focus on mature assets provides some production stability but requires ongoing capital investment to maintain output levels
Recent development
Based on the available financial data, TXO Energy Partners has undergone significant strategic evolution since its 2023 IPO. The company has focused on operational optimization and capital discipline rather than aggressive growth through acquisitions. The most notable development has been TXO's emphasis on improving operational efficiency from its existing asset base. The company has worked to optimize production from its San Juan and Permian Basin properties through enhanced completion techniques and strategic drilling programs. This approach has helped maintain production levels while managing capital expenditures more effectively. Financial performance stabilization represents another key development. After reporting significant losses in 2023 with negative $104 million in net income, the company returned to profitability in 2024 with $23.5 million in net income. This turnaround reflects both improved operational performance and more favorable commodity pricing environments. The company has also focused on balance sheet management, maintaining relatively conservative debt levels while working to optimize its capital structure. TXO's debt-to-equity ratio has remained stable around 0.20-0.26, indicating disciplined financial management despite the capital-intensive nature of the oil and gas business. Cash flow generation improvement has been a priority, with the company achieving positive free cash flow in recent quarters after periods of significant capital investment. This shift suggests TXO is moving toward a more sustainable operational model that can generate returns for shareholders while maintaining necessary reinvestment in its asset base.
TXO company profile · for informational purposes only — not investment advice.
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