TXO Partners, L.P. Business Summary

TXO Partners, L.P. (TXO) operates as a master limited partnership (MLP) focused on the acquisition, development, and exploitation of conventional oil, natural gas, and natural gas liquid (NGL) reserves. The company generates revenue primarily through the sale of produced commodities, with its portfolio concentrated in three core geographical segments: the Permian Basin of West Texas and New Mexico, the San Juan Basin in New Mexico and Colorado, and the Williston Basin in North Dakota and Montana. Unlike many peers focused on high-decline unconventional shale, TXO’s strategy centers on long-lived, low-decline conventional assets that provide predictable cash flows to support its variable distribution model. Direct competitors include Crescent Energy (CRGY), Northern Oil and Gas (NOG), and Vitesse Energy (VTS). TXO distinguishes itself in the market by maintaining a low-leverage balance sheet and focusing on mature, proven reserves that require lower capital intensity than high-growth shale operators. The company was founded in 2012 by Bob R. Simpson, a legendary figure in the energy industry who previously built XTO Energy before its $41 billion sale to ExxonMobil. As of February 2026, the leadership team is led by Co-CEOs Gary D. Simpson and Brent W. Clum, both of whom were promoted to the role in April 2025 following Bob Simpson’s transition to Executive Chairman. Gary Simpson previously served as President of Production and Development, while Brent Clum continues to serve as Chief Financial Officer, a role he has held since the firm's inception. The executive team and board, including Executive Vice President Keith A. Hutton, share a deep pedigree from XTO Energy, bringing decades of experience in conventional asset optimization. Notable institutional backing includes Luther King Capital Management (LKCM), with LKCM Headwater Investments Principal Rick J. Settle serving on the board, alongside independent director Lawrence S. Massaro, formerly of Newfield Exploration.