olivLaw · US equity research
TXO Partners, L.P. TXO
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
TXO Partners is an independent oil and natural gas company focused on conventional reserves in the Permian, San Juan and Williston Basins of North America. In 2025 it produced at an average of 28 MBoe per day, and in 2026 it began selling Cross Timbers assets and paying down debt, which makes its distribution outlook worth watching.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, TXO Partners, L.P. (TXO) stock was 12.68 USD (−3.13% on the day), with market capitalisation 703.1 m USD, beta 0.26, 52-week range 10.15–15.44 USD. Latest reported quarter (Q3 2026): revenue of 55.1 m USD (−45.4% YoY), net income of -32.1 m USD (−837.3% YoY), diluted EPS -0.58 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 24.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 13.12 – 14.91
- below the lower band · %B -0.24 · band width 12.8%
- SMA 50 / 200
- 14.34 / 13.17
- mixed trend
- MACD (12, 26, 9)
- -0.25 / -0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.2% | −5.9% | −3.2 pp | — |
| 3 months | −5.9% | −4.6% | −1.3 pp | — |
| 6 months | +1.4% | +0.2% | +1.2 pp | — |
| Year to date | +18.8% | +7.4% | +11.4 pp | — |
| 1 year | −3.1% | +8.2% | −11.3 pp | +13.3% |
| 3 years | −33.3% | +68.4% | −101.7 pp | −4.7% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89.3 m | 84.3 m | 89.9 m | 100.9 m | 125.9 m | 28.3 m | 150.9 m | 55.1 m |
| Operating income | 5.5 m | -3.6 m | -3.7 m | 3.8 m | -27.0 m | -77.6 m | 57.7 m | -38.6 m |
| Depreciation & amortisation | 18.0 m | 21.4 m | 21.7 m | 23.7 m | 29.8 m | 28.8 m | 24.0 m | 24.2 m |
| Interest expense | 4.0 m | 3.6 m | 2.6 m | 4.5 m | 6.3 m | 5.7 m | 5.6 m | 5.5 m |
| Net income | 10.2 m | 2.4 m | -135.0 k | 4.4 m | -28.3 m | -74.3 m | 60.8 m | -32.1 m |
| Diluted EPS | 0.25 ≈ | 0.06 | 0.00 | 0.08 | -0.54 ≈ | -1.35 | 1.07 | -0.58 |
| Operating cash flow | 40.5 m | 30.6 m | 26.9 m ≈ | 28.3 m ≈ | 32.5 m | 33.4 m | 49.1 m ≈ | 33.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 228.3 m | 246.4 m | 380.7 m | 282.8 m | 401.0 m |
| Revenue YoY | unavailable | +7.9% | +54.5% | −25.7% | +41.8% |
| Net income | 52.5 m | -7.7 m | -104.0 m | 23.5 m | -21.6 m |
| Net income YoY | unavailable | −114.6% | unavailable | unavailable | −192.0% |
| Diluted EPS | 2.10 | -0.31 | -3.44 | 0.65 | -0.43 |
| Diluted EPS YoY | unavailable | −114.8% | unavailable | unavailable | −166.2% |
| net % | 23.0% | -3.1% | -27.3% | 8.3% | -5.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.4 m USD
- Financial debt
- 291.1 m USD
- Net debt
- 281.7 m USD
- Equity
- unavailable USD
- Total assets
- 1.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.62x
- ROE
- unavailable
- ROA
- -1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 228.3 m | 246.4 m | 380.7 m | 282.8 m | 401.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 44.2 m | -25.7 m | -123.8 m | -6.9 m | -30.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 39.9 m | 41.4 m | 44.3 m | 52.4 m | 96.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 84.1 m ≈ | 15.7 m ≈ | -79.5 m ≈ | 45.5 m ≈ | 66.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 5.9 m | 8.2 m | 4.4 m | 7.9 m | 17.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 52.5 m | -7.7 m | -104.0 m | 23.5 m | -21.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 2.10 | -0.31 | -3.44 | 0.65 | -0.43 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 25.0 m | 25.0 m | 30.3 m | 36.1 m | 49.8 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 7.5 m | 9.2 m | 4.5 m | 7.3 m | 9.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | — | 52.3 m | 32.2 m | 39.7 m | 52.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | — | 74.0 m | 55.2 m | 64.4 m | 95.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | — | 836.4 m | 629.3 m | 951.4 m | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | — | 924.6 m | 695.6 m | 1.0 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | — | 14.7 m | 8.6 m | 18.2 m | 28.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | — | 120.1 m | 28.1 m | 157.1 m | 291.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | — | 147.5 m | 39.1 m | 66.3 m | 153.9 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 73.7 m | 136.4 m | 77.2 m | 109.3 m | 118.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -227.8 m | -86.7 m | -46.2 m | -288.3 m | -335.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 139.7 m | -48.1 m | -35.6 m | 181.8 m | 219.2 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 703.1 m USD
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -20.5% | 26 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.6% | 100 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 12.3x | 0 (vs peers) | 23% |
| Interest coverage · Balance sheet | -3.7x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 45.4x | 0 (vs peers) | 23% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TXO Partners, L.P. (TXO). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 401.0 m USD in 2025; YoY growth 41.8%; net margin -20.5%; net debt/EBITDA 12.3x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 17.6%
What contradicts it
- Net margin: -20.5%
- Net debt / EBITDA: 12.3x
- Interest coverage: -3.7x
- Current ratio: 0.6x
- EV/EBITDA: 45.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SHELShell plc | 569.7 bn | 31.9 | 10.1% | 6.7% | −6.1% | +36% / +52% |
| TTETotalEnergies SE | 195.8 bn | 15.4 | 11.3% | 6.5% | −6.2% | +35% / +30% |
| PBRPetrobras - Petroleo Brasileiro SA | 139.9 bn | 32.4 | 10.9% | 8.2% | −10.7% | +50% / +23% |
| EOGEog Resources, Inc. | 75.1 bn | 9.4 | 25.8% | 27.5% | −4.5% | +34% / +18% |
| OXYOccidental Petroleum Corporation | 56.3 bn | 8.5 | 18.9% | 33.7% | −1.9% | +34% / −5% |
| FANGDiamondback Energy, Inc. | 50.1 bn | 24.5 | 5.3% | 11.0% | +35.8% | +18% / +16% |
| DVNDevon Energy Corp | 47.2 bn | 10.2 | 11.5% | 16.7% | +7.8% | +16% / −5% |
| EQTEqt Corporation | 31.7 bn | 12.0 | 10.9% | 28.4% | +63.9% | −17% / +27% |
| EXEExpand Energy Corporation | 19.7 bn | 7.4 | 14.6% | 19.8% | +186.3% | −30% / +6% |
| PRPermian Resources Corporation | 17.9 bn | 11.1 | 14.3% | 25.0% | +1.3% | +47% / +62% |
| OVVOvintiv Inc. | 16.4 bn | 12.3 | 12.1% | 12.8% | −2.7% | +49% / +37% |
| APAApa Corporation | 14.6 bn | 7.1 | 33.0% | — | unavailable | +74% / +21% |
| ARAntero Resources Corporation | 11.2 bn | 8.2 | 17.6% | 21.7% | +22.0% | −0% / +54% |
| CHRDChord Energy Corporation | 7.0 bn | 8.3 | 11.0% | 13.4% | −7.1% | +41% / −18% |
| SMSm Energy Co | 7.0 bn | 7.2 | 15.0% | 13.7% | +17.2% | +56% / −21% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +18% / −14% |
| HESMHess Midstream LP | 3.9 bn | 10.3 | — | 23.5% | +8.4% | −10% / −7% |
| PARRPar Pacific Holdings, Inc. | 3.4 bn | 3.6 | 50.9% | 9.8% | −6.4% | +50% / +100% |
| TALOTalos Energy Inc. | 2.4 bn | — | -18.1% | -18.4% | −9.8% | +28% / +5% |
| NOGNorthern Oil And Gas, Inc. | 2.4 bn | — | -22.1% | -25.4% | +11.2% | −1% / −41% |
| BKVBkv Corporation | 2.0 bn | 8.6 | 10.9% | 15.6% | +9.9% | −34% / unavailable |
| KOSKosmos Energy Ltd. | 1.3 bn | — | -58.8% | -27.4% | −23.1% | +96% / −68% |
| DECDiversified Energy Company | 905.2 m | 16.0 | 11.0% | 4.9% | +141.5% | −15% / +1,373% |
| TTITETRA Technologies, Inc. | 863.9 m | 94.9 | 2.5% | 1.4% | +5.3% | −25% / +23% |
| TXOTXO Partners, L.P. | 703.1 m | — | — | -20.5% | +41.8% | −3% / −33% |
1- and 3-year price returns: for TXO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026).
In brief
TXO Partners is an independent oil and natural gas company focused on conventional reserves in the Permian, San Juan and Williston Basins of North America. In 2025 it produced at an average of 28 MBoe per day, and in 2026 it began selling Cross Timbers assets and paying down debt, which makes its distribution outlook worth watching.12
SWOT
Strengths
- A production base in long-lived assets in established basins, with cash flows linked to output and hedging contracts that protect against price moves.
- A distribution-oriented structure with an explicit production and distribution strategy that ties revenue directly to cash flow for unitholders.
- Ability to allocate funds dynamically between distributions, debt reduction and capital budget depending on price and cost conditions.
Weaknesses
- Heavy dependence on oil and gas prices, which can quickly reduce revenue, distributions and the borrowing base.
- Natural production decline requires constant investment to replace reserves, which could limit distributions if spending falls short.
- Geographic concentration and reliance on a small number of formations expose the company to regional shocks and pipeline capacity limits.
Opportunities
- The 2026 asset disposals could reduce debt and simplify the structure if the transactions close as planned.
- Integrating assets from the WRE Acquisition could bring operating synergies and cost savings if the targets are met.
- Higher gas or oil prices could support distributions and reserve revaluations in a favorable market.
Threats
- A prolonged price decline could lead to reserve downward revisions, asset write-downs and a smaller borrowing base.
- Inflation in steel, chemicals, transport and wages could erode margins if it cannot be passed on through selling prices.
- Production curtailments mandated by Texas regulators or geopolitical tensions could interrupt output.
Risks
- Uncertain distributionshigh
The company has no minimum quarterly distribution, and distributions could be zero in a quarter if available cash is insufficient.1
- Price volatilityhigh
Oil and gas prices can move sharply due to external factors, and a prolonged decline could materially affect results and reserves.1
- Borrowing base reductionmedium
Low prices could lead to a reduction of the borrowing base under the credit facility, limiting access to financing.12
- Natural production declinemedium
If reserves are not replaced, production and revenue would fall, which could affect the ability to pay distributions.1
- Completion of disposalslow
Closing of the Cross Timbers sales depends on customary conditions, and any shortfall could change debt repayment plans.12
Investment thesis
What would need to be true (bull case)
- If oil prices stay firm, production holds steady and the disposals are completed, the company could reduce debt and increase distributions.
- The dynamic fund allocation strategy could support both returns on capital and distributions depending on market conditions.
- Integrating recent acquisitions could deliver cost savings and synergies that improve margins.
What would break the thesis
- If prices fall again over the long term, the borrowing base could shrink and distributions could be suspended.
- Inflationary pressure on costs could erode margins, especially if selling prices do not offset them.
- Geographic concentration and reliance on a few formations expose the company to regional shocks that could be costly.
What to watch
- Closing of the Cross Timbers sales and use of proceedsQ3 2026
- Development of the borrowing base under the credit facility2026
- Level of distributions per unit and full payment of the White Rock deferred payment2026
- Production decline rate and investment needed to replace reservesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026).
The business
TXO Partners, L.P. is a Delaware limited partnership focused on the acquisition, development, optimization and exploitation of oil, natural gas and natural gas liquid (NGL) reserves in North America. Its properties are mainly in the Permian Basin of New Mexico and Texas, the San Juan Basin of New Mexico and Colorado, and the Williston Basin of Montana and North Dakota.1 In fiscal 2025 the company produced 10,318 MBoe, up from 8,559 MBoe in 2024, and average net sales reached 28 MBoe per day against 23 MBoe per day in the prior years.1 The company is structured around distributions: cash available for distribution has no minimum and could be zero in a given quarter.1 In 2026 the company announced sales of Cross Timbers assets with gross aggregate consideration of about 200.0 million USD, and began winding down Cross Timbers Energy in July 2026.2
Segments
Oil
Oil is the main revenue source: in fiscal 2025 it made up 71% of revenues including derivative effects, against 70% in 2024 and 48% in 2023.1 Average realized oil prices were 61.58 USD per barrel excluding derivatives and 67.85 USD including them in 2025.1
Natural gas
Natural gas accounted for 21% of revenues in fiscal 2025 including derivatives, and most gas is sold at the San Juan basis, making revenue sensitive to the regional price.1 Gas volumes were 27,884 MMcf in 2025, nearly flat versus 2024.1
Natural gas liquids
NGLs contributed 8% of revenues in fiscal 2025 including derivatives, and sold volumes rose to 1,497 MBbl from 1,211 MBbl in 2024.1
Trends
- Commodity price volatilitymixed
Oil and gas prices swung sharply between 2023 and 2025, and a prolonged decline could reduce economic production and the borrowing base if prices stay low.1
- Operating cost inflationheadwind
Costs for steel, chemicals, transport and wages have risen, and the company expects inflationary pressure on its cost structure to persist.1
- Cross Timbers asset disposalstailwind
Asset sales in 2026 provide cash for the White Rock deferred payment and debt repayment, which could strengthen the balance sheet if the transactions stay on track.2
- Geographic concentrationmixed
Assets are concentrated in three basins, exposing the company to regional conditions, pipeline capacity and Texas regulation that can impose production curtailments.12
Competitive position
TXO Partners competes with other independent oil and gas producers in the basins where it operates, for drilling equipment, services, skilled personnel and assets to acquire. The sources do not name direct competitors, so the competitive analysis stays limited to market factors described in the filings.1
Competition for equipment and labor has grown in areas of increasing activity, which can lead to shortages and delays that affect costs and development timing.1
- Independent Permian Basin producers
The sources do not name individual competitors but describe competition for equipment and services in the same basins.
- San Juan Basin operators
Competition for assets and personnel in the San Juan Basin is cited as a risk factor, without named companies.
- Drilling service providers
Competition for drilling and workover rigs is described in the filings without identified entities.
- Buyers of assets in private transactions
Cross Timbers sold assets to several private buyers, but the sources do not identify them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report04 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report28 May 2026Acquisition or disposition of assets · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report04 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Mar 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Annual report26 Feb 2026
- Current report26 Feb 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TXO Partners, L.P. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TXO Partners, L.P. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.