TXO · TXO Partners, L.P.
TXO Partners, L.P., an oil and natural gas company, focuses on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. Its acreage positions are concentrated in the Permian Basin of West Texas and New Mexico; the San Juan Basin of New Mexico and Colorado; and the Williston Basin of Montana and North Dakota. TXO Partners, L.P. was formerly known as TXO Energy Partners, L.P. and changed its name to TXO Partners, L.P. in May 2023. The company was incorporated in 2012 and is based in Fort Worth, Texas.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $14.17 |
| SO | 55.4M |
| Options | 0.0M |
| Warrants | 0.0M |
| FD SO | 55.4M |
| MC | $785.7M |
| Cash | $107.5M |
| Total debt | $270.1M |
| EV | $948.3M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 2.3x |
| EV / EBITDA | 15.0x |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 27.0% |
| Insiders | 29.8% |
| # Institutions | 64 |
| Analysts | 3 |
| Consensus | Strong Buy |
| Avg target | $19.67 |
| Short % float | 1.7% |
| Days to cover | 6.56 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-04. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-14 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-31; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 150.87 | 28.28 | 125.93 | 100.88 |
| Revenue YoY % | 67.9% | (66.5%) | 41.0% | 46.8% |
| Gross Profit | 62.42 | — | — | 8.59 |
| Gross Profit YoY % | 987.6% | — | — | — |
| Gross Margin % | 41.4% | — | — | 8.5% |
| SG&A | 4.75 | 4.81 | 4.74 | 4.83 |
| Operating Income | 57.66 | (77.55) | (27.04) | 3.76 |
| Operating Income YoY % | 1652.2% | (2064.4%) | (591.1%) | 175.7% |
| Operating Margin % | 38.2% | (274.3%) | (21.5%) | 3.7% |
| EBITDA | 81.63 | (48.71) | 2.72 | 27.46 |
| EBITDA Margin % | 54.1% | (172.3%) | 2.2% | 27.2% |
| Interest Expense | 5.58 | 5.74 | 6.27 | 4.50 |
| Other Income / (Expense) | 8.69 | 8.96 | 5.06 | 5.10 |
| Pretax Income | 60.77 | (74.34) | (28.25) | 4.35 |
| Net Income | 60.77 | (74.34) | (28.25) | 4.35 |
| Net Margin % | 40.3% | (262.9%) | (22.4%) | 4.3% |
| Diluted EPS | $1.07 | -$1.35 | -$0.57 | $0.08 |
| Basic EPS | $1.10 | -$1.35 | -$0.57 | $0.08 |
| Diluted Avg Shares | 56.7 | 55.1 | — | 55.8 |
| Basic Avg Shares | 55.4 | 55.1 | — | 54.8 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 405.96 | 401.01 | 282.81 | 380.72 | 246.40 |
| Revenue YoY % | 1.2% | 41.8% | (25.7%) | 54.5% | — |
| Gross Profit | — | — | 7.67 | — | — |
| Gross Margin % | — | — | 2.7% | — | — |
| SG&A | 19.13 | 21.46 | 14.53 | 7.89 | 1.65 |
| Operating Income | (43.17) | (30.58) | (6.86) | (123.78) | (25.68) |
| Operating Income YoY % | (41.2%) | (345.7%) | 94.5% | (382.0%) | — |
| Operating Margin % | (10.6%) | (7.6%) | (2.4%) | (32.5%) | (10.4%) |
| EBITDA | 63.10 | 65.99 | 45.55 | (79.49) | 15.68 |
| EBITDA Margin % | 15.5% | 16.5% | 16.1% | (20.9%) | 6.4% |
| Interest Expense | 22.09 | 16.96 | 7.87 | 4.42 | 8.20 |
| Other Income / (Expense) | 27.80 | 25.93 | 38.23 | 24.22 | 26.21 |
| Pretax Income | (37.47) | (21.62) | 23.50 | (103.99) | (7.67) |
| Net Income | (37.47) | (21.62) | 23.50 | (103.99) | (7.67) |
| Net Margin % | (9.2%) | (5.4%) | 8.3% | (27.3%) | (3.1%) |
| Diluted EPS | -$0.77 | -$0.43 | $0.65 | -$3.44 | -$0.31 |
| Basic EPS | -$0.74 | -$0.43 | $0.66 | -$3.44 | -$0.31 |
| Diluted Avg Shares | 56.7 | 49.8 | 36.1 | 30.3 | 25.0 |
| Basic Avg Shares | 55.4 | 49.8 | 35.6 | 30.3 | 25.0 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 107.48 | 7.89 | 9.37 | 5.31 |
| Receivables | 51.17 | 58.45 | 52.39 | 45.60 |
| Other Current Assets | 20.85 | 23.89 | 33.57 | 26.01 |
| Total Current Assets | 179.50 | 90.23 | 95.33 | 76.92 |
| Net PPE | 1,056.37 | 1,215.50 | 1,240.64 | 1,284.53 |
| Other Assets | 15.55 | 16.06 | 18.93 | 14.71 |
| Total Assets | 1,251.42 | 1,321.79 | 1,354.90 | 1,376.16 |
| Accounts Payable | 33.06 | 38.99 | 27.98 | 29.66 |
| Other Current Liabilities | 137.58 | 171.01 | 125.94 | 130.95 |
| Total Current Liabilities | 170.64 | 210.00 | 153.92 | 160.62 |
| Long-term Debt | 270.10 | 277.10 | 291.10 | 271.10 |
| Other Liabilities | 162.63 | 230.22 | 218.15 | 208.22 |
| Total Liabilities | 603.37 | 717.32 | 663.17 | 639.94 |
| Total Equity | 648.05 | 604.47 | 691.73 | 736.22 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 107.48 | 9.37 | 7.30 | 4.50 | 9.20 |
| Receivables | 51.17 | 52.39 | 39.69 | 32.23 | 52.30 |
| Other Current Assets | 20.85 | 33.57 | 17.45 | 18.46 | 12.52 |
| Total Current Assets | 179.50 | 95.33 | 64.45 | 55.19 | 74.03 |
| Net PPE | 1,056.37 | 1,240.64 | 951.39 | 629.32 | 836.40 |
| Other Assets | 15.55 | 18.93 | 15.00 | 11.10 | 14.20 |
| Total Assets | 1,251.42 | 1,354.90 | 1,030.84 | 695.61 | 924.63 |
| Accounts Payable | 33.06 | 27.98 | 18.22 | 8.60 | 14.69 |
| Other Current Liabilities | 137.58 | 125.94 | 48.12 | 30.52 | 132.78 |
| Total Current Liabilities | 170.64 | 153.92 | 66.34 | 39.12 | 147.46 |
| Long-term Debt | 270.10 | 291.10 | 157.10 | 28.10 | 120.10 |
| Other Liabilities | 162.63 | 218.15 | 197.99 | 154.60 | 135.53 |
| Total Liabilities | 603.37 | 663.17 | 421.43 | 221.81 | 403.10 |
| Total Equity | 648.05 | 691.73 | 609.42 | 473.80 | 521.54 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | 60.77 | (74.34) | (28.25) | 4.35 |
| D&A | 23.97 | 28.84 | 29.76 | 23.70 |
| Stock-Based Comp | 2.79 | 3.57 | 3.47 | 3.47 |
| Δ Working Cap & Other | (38.42) | 75.33 | 27.47 | (3.25) |
| Operating Cash Flow | 49.10 | 33.41 | 32.45 | 28.27 |
| Other Investing | 77.51 | (4.38) | (29.89) | (255.87) |
| Investing Cash Flow | 77.51 | (4.38) | (29.89) | (255.87) |
| Debt Issuance | 21.00 | 23.00 | 45.00 | 272.00 |
| Debt Repayment | (28.00) | (37.00) | (25.00) | (20.00) |
| Other Financing | (20.02) | (16.52) | (18.50) | (27.05) |
| Financing Cash Flow | (27.02) | (30.52) | 1.50 | 224.95 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (37.47) | (21.62) | 23.50 | (103.99) | (7.67) |
| D&A | 106.27 | 96.57 | 52.41 | 44.29 | 41.36 |
| Stock-Based Comp | 13.29 | 16.30 | 6.17 | 3.47 | 0.00 |
| Δ Working Cap & Other | 61.13 | 26.93 | 27.23 | 133.38 | 102.68 |
| Operating Cash Flow | 143.23 | 118.19 | 109.30 | 77.15 | 136.38 |
| Other Investing | (212.62) | (335.32) | (288.28) | (46.22) | (86.67) |
| Investing Cash Flow | (212.62) | (335.32) | (288.28) | (46.22) | (86.67) |
| Debt Issuance | 361.00 | 405.50 | 251.00 | 86.00 | 1,461.00 |
| Debt Repayment | (110.00) | (271.50) | (122.00) | (178.00) | (1,493.00) |
| Other Financing | (82.08) | 85.20 | 52.78 | 56.37 | (16.05) |
| Financing Cash Flow | 168.92 | 219.20 | 181.78 | (35.63) | (48.05) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 1.05 | 0.43 | 0.62 | 0.48 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | 0.93 | 1.19 | 0.96 | 0.87 |
| EBITDA Margin % | 54.1% | (172.3%) | 2.2% | 27.2% |
| Working Capital | 8.86 | (119.77) | (58.58) | (83.70) |
| Net Debt | 162.62 | 269.21 | 281.73 | 265.79 |
| ROE % | 9.4% | (12.3%) | (4.1%) | 0.6% |
| ROA % | 4.9% | (5.6%) | (2.1%) | 0.3% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 1.05 | 0.62 | 0.97 | 1.41 | 0.50 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | 0.93 | 0.96 | 0.69 | 0.47 | 0.77 |
| EBITDA Margin % | 15.5% | 16.5% | 16.1% | (20.9%) | 6.4% |
| Working Capital | 8.86 | (58.58) | (1.89) | 16.07 | (73.44) |
| Net Debt | 162.62 | 281.73 | 149.79 | 23.59 | 110.90 |
| ROE % | (5.8%) | (3.1%) | 3.9% | (21.9%) | (1.5%) |
| ROA % | (3.0%) | (1.6%) | 2.3% | (14.9%) | (0.8%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | SIMPSON BOB R | Director, 10% Owner | 2026-08-13 | P | 125,000 | $14.32 | $1,789,788 |
| 2026-08-13 | SIMPSON BOB R | Director, 10% Owner | 2026-08-12 | P | 25,000 | $14.43 | $360,758 |
| 2026-08-11 | SIMPSON BOB R | Director, 10% Owner | 2026-08-11 | P | 100,000 | $14.27 | $1,427,480 |
| 2026-08-11 | SIMPSON BOB R | Director, 10% Owner | 2026-08-10 | P | 50,000 | $14.17 | $708,260 |
| 2026-08-11 | SIMPSON BOB R | Director, 10% Owner | 2026-08-07 | P | 100,000 | $13.52 | $1,351,890 |
| 2026-06-24 | SIMPSON BOB R | Director, 10% Owner | 2026-06-23 | P | 63,282 | $12.64 | $800,106 |
| 2026-06-24 | SIMPSON BOB R | Director, 10% Owner | 2026-06-22 | P | 36,718 | $12.55 | $460,976 |
| 2026-06-03 | SIMPSON BOB R | Director, 10% Owner | 2026-06-03 | P | 369,153 | $13.91 | $5,135,398 |
| 2026-06-03 | SIMPSON BOB R | Director, 10% Owner | 2026-06-02 | P | 230,847 | $13.41 | $3,096,374 |
| 2026-05-27 | SIMPSON BOB R | Director, 10% Owner | 2026-05-27 | P | 65,592 | $13.20 | $866,051 |
| 2026-05-26 | SIMPSON BOB R | Director, 10% Owner | 2026-05-26 | P | 34,408 | $13.27 | $456,463 |
| 2026-05-26 | SIMPSON BOB R | Director, 10% Owner | 2026-05-22 | P | 104,451 | $13.77 | $1,438,656 |
| 2026-05-26 | SIMPSON BOB R | Director, 10% Owner | 2026-05-21 | P | 245,549 | $13.70 | $3,363,211 |
| 2026-05-20 | SIMPSON BOB R | Director, 10% Owner | 2026-05-20 | P | 90,152 | $13.35 | $1,203,655 |
| 2026-05-20 | SIMPSON BOB R | Director, 10% Owner | 2026-05-18 | P | 58,251 | $13.17 | $767,090 |
| 2026-05-15 | SIMPSON BOB R | Director, 10% Owner | 2026-05-15 | P | 151,597 | $12.95 | $1,962,635 |
| 2026-05-15 | SIMPSON BOB R | Director, 10% Owner | 2026-05-14 | P | 64,475 | $13.02 | $839,161 |
| 2026-05-15 | SIMPSON BOB R | Director, 10% Owner | 2026-05-13 | P | 85,525 | $12.98 | $1,110,183 |
| 2026-05-11 | SIMPSON BOB R | Director, 10% Owner | 2026-05-11 | P | 500,000 | $12.67 | $6,336,750 |
| 2026-05-11 | ADAMS WILLIAM H III | Director | 2026-05-08 | P | 10,000 | $12.41 | $124,117 |
| 2026-05-11 | SIMPSON BOB R | Director, 10% Owner | 2026-05-08 | P | 162,365 | $12.50 | $2,030,066 |
| 2026-05-11 | SIMPSON BOB R | Director, 10% Owner | 2026-05-07 | P | 87,635 | $12.43 | $1,089,680 |
| 2026-04-01 | Clum Brent W. | Director, Officer (Co-CEO and CFO) | 2026-04-01 | S | (27,234) | $12.38 | -$337,157 |
| 2026-04-01 | Simpson Gary D. | Director, Officer (Co-Chief Executive Officer) | 2026-04-01 | S | (27,234) | $12.38 | -$337,157 |
| 2026-03-27 | HUTTON KEITH A | Director | 2026-03-27 | G | (720,000) | — | $-0 |
| 2026-02-11 | King Luther Jr | Director | 2026-01-31 | A | 10,667 | — | $0 |
| 2026-02-03 | ADAMS WILLIAM H III | Director | 2026-01-31 | A | 10,667 | — | $0 |
| 2026-02-03 | KEVIL PHILLIP R | Director | 2026-01-31 | A | 10,667 | — | $0 |
| 2026-02-03 | Simpson Gary D. | Director, Officer (Co-Chief Executive Officer) | 2026-01-31 | A | 155,556 | — | $0 |
| 2026-02-03 | Simpson Gary D. | Director, Officer (Co-Chief Executive Officer) | 2026-01-31 | A | 52,769 | — | $0 |
| 2026-02-03 | Simpson Gary D. | Director, Officer (Co-Chief Executive Officer) | 2026-01-31 | S | (8,126) | $12.07 | -$98,081 |
| 2026-02-03 | Massaro Lawrence S | Director | 2026-01-31 | A | 10,667 | — | $0 |
| 2026-02-03 | Agosta Scott T. | Officer (Chief Accounting Officer) | 2026-01-31 | A | 35,556 | — | $0 |
| 2026-02-03 | Agosta Scott T. | Officer (Chief Accounting Officer) | 2026-01-31 | A | 21,109 | — | $0 |
| 2026-02-03 | Agosta Scott T. | Officer (Chief Accounting Officer) | 2026-01-31 | S | (10,689) | $12.07 | -$129,016 |
| 2026-02-03 | Settle Rick Jacob | Director | 2026-01-31 | A | 10,667 | — | $0 |
| 2026-02-03 | Clum Brent W. | Director, Officer (Co-CEO and CFO) | 2026-01-31 | A | 155,556 | — | $0 |
| 2026-02-03 | Clum Brent W. | Director, Officer (Co-CEO and CFO) | 2026-01-31 | A | 52,769 | — | $0 |
| 2026-02-03 | Clum Brent W. | Director, Officer (Co-CEO and CFO) | 2026-01-31 | S | (19,571) | $12.07 | -$236,222 |
| 2025-12-16 | KEVIL PHILLIP R | Director | 2025-12-11 | P | 2,000 | $11.90 | $23,800 |
| 2025-05-20 | ADAMS WILLIAM H III | Director, Other (See Remarks) | 2025-05-19 | P | 10,000 | $15.26 | $152,600 |
| 2025-05-19 | King Luther Jr | Director, Other (See below) | 2025-05-15 | P | 500,000 | $15.00 | $7,500,000 |
| 2025-05-15 | SIMPSON BOB R | Director, 10% Owner | 2025-05-15 | P | 2,250,000 | $15.00 | $33,750,000 |
| 2025-05-15 | Massaro Lawrence S | Director | 2025-05-15 | P | 20,000 | $15.00 | $300,000 |
| 2025-05-15 | HUTTON KEITH A | Director | 2025-05-15 | P | 700,000 | $15.00 | $10,500,000 |
| 2025-05-15 | KEVIL PHILLIP R | Director | 2025-05-14 | P | 3,000 | $15.18 | $45,540 |
| 2025-04-01 | Massaro Lawrence S | Director | 2025-04-01 | A | 3,900 | — | $0 |
| 2025-04-01 | Simpson Gary D. | Director, Officer (Co-Chief Executive Officer) | 2025-04-01 | A | 100,000 | — | $0 |
| 2025-04-01 | Simpson Gary D. | Director, Officer (Co-Chief Executive Officer) | 2025-04-01 | A | 100,000 | — | $0 |
| 2025-04-01 | Simpson Gary D. | Director, Officer (Co-Chief Executive Officer) | 2025-04-01 | S | (31,517) | $19.08 | -$601,344 |
| 2025-04-01 | Clum Brent W. | Director, Officer (Co-CEO and CFO) | 2025-04-01 | A | 100,000 | — | $0 |
| 2025-04-01 | Clum Brent W. | Director, Officer (Co-CEO and CFO) | 2025-04-01 | A | 100,000 | — | $0 |
| 2025-04-01 | Clum Brent W. | Director, Officer (Co-CEO and CFO) | 2025-04-01 | S | (31,517) | $19.08 | -$601,344 |
| 2025-02-04 | Agosta Scott T. | Officer (Chief Accounting Officer) | 2025-01-31 | A | 21,110 | — | $0 |
| 2025-02-04 | Agosta Scott T. | Officer (Chief Accounting Officer) | 2025-01-31 | A | 24,080 | — | $0 |
| 2025-02-04 | Agosta Scott T. | Officer (Chief Accounting Officer) | 2025-01-31 | S | (5,775) | $18.59 | -$107,357 |
| 2025-02-04 | Simpson Gary D. | Officer (President, Prod & Development) | 2025-01-31 | A | 52,770 | — | $0 |
| 2025-02-04 | Simpson Gary D. | Officer (President, Prod & Development) | 2025-01-31 | A | 8,090 | — | $0 |
| 2025-02-04 | Clum Brent W. | Director, Officer (Pres, Business Opers and CFO) | 2025-01-31 | A | 52,770 | — | $0 |
| 2025-02-04 | Clum Brent W. | Director, Officer (Pres, Business Opers and CFO) | 2025-01-31 | A | 60,200 | — | $0 |
| 2025-02-04 | Clum Brent W. | Director, Officer (Pres, Business Opers and CFO) | 2025-01-31 | S | (7,702) | $18.59 | -$143,180 |
| 2025-02-04 | Settle Rick Jacob | Director | 2025-01-31 | A | 5,500 | — | $0 |
| 2025-02-04 | King Luther Jr | Director, 10% Owner, Other (See below) | 2025-01-31 | A | 3,900 | — | $0 |
| 2025-02-04 | KEVIL PHILLIP R | Director | 2025-01-31 | A | 3,900 | — | $0 |
| 2025-02-04 | ADAMS WILLIAM H III | Director, Other (See Remarks) | 2025-01-31 | A | 5,500 | — | $0 |
| 2025-01-02 | ADAMS WILLIAM H III | Director, Other (See Remarks) | 2024-12-30 | P | 14,000 | $16.93 | $236,998 |
| 2024-12-19 | HUTTON KEITH A | Director, 10% Owner | 2024-12-19 | P | 20,000 | $15.85 | $317,000 |
| 2024-12-19 | HUTTON KEITH A | Director, 10% Owner | 2024-12-18 | P | 60,000 | $16.04 | $962,556 |
| 2024-12-19 | HUTTON KEITH A | Director, 10% Owner | 2024-12-17 | P | 40,000 | $15.64 | $625,464 |
| 2024-12-18 | KEVIL PHILLIP R | Director | 2024-12-17 | P | 500 | $15.75 | $7,875 |
| 2024-12-18 | KEVIL PHILLIP R | Director | 2024-12-16 | P | 1,000 | $16.25 | $16,250 |
| 2024-12-18 | KEVIL PHILLIP R | Director | 2024-12-16 | P | 500 | $16.05 | $8,025 |