TXO Partners, L.P. is a master limited partnership based in Fort Worth, Texas, focused on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. The entity was formerly known as TXO Energy Partners, L.P. and the name change took place in May 2023.
Its operating strategy emphasizes assets that are relatively low-risk and mature: many of its interests are in properties that have produced for decades and are characterized by well-understood geology, low decline rates, and predictable performance. TXO concentrates its acreage in three main U.S. basins: the Permian Basin in West Texas and New Mexico, the San Juan Basin in New Mexico and Colorado, and the Williston Basin in Montana and North Dakota.
In terms of capital structure and growth, TXO maintains a conservative leverage profile and financial flexibility. It has recently undertaken public offerings to raise capital (for example, in 2025 it priced a public offering of its common units) in support of acquisitions. The management team backing this operation includes insiders with prior experience in upstream operations and finance, reinforcing its operational discipline and deal origination capability.