History
TXO Partners, a Fort Worth oil and gas partnership, grew through two debt- and equity-funded Williston Basin acquisitions in 2024 and 2025, then sold Cross Timbers assets in 2026 to cut debt.
2023-2024: Going public and a first acquisition
TXO Partners, L.P. is a Fort Worth, Texas oil and gas partnership chaired by Bob R. Simpson. Its aim is not high-risk exploration but buying long-lived, low-risk producing assets and paying out cash to unitholders. The exchange certified its securities for listing in January 2023, clearing them to trade, and it had 30,750,000 units on issue at the end of that year. Its legacy holdings were in the Permian.
The record is quiet until June 2024, when TXO agreed to buy producing Williston Basin assets in Montana and North Dakota from EMEP Acquisitions and Vendera. The price was $225 million in cash plus 2.5 million common units, and it was the first major bolt-on purchase since going public. Three days later TXO sold 6.5 million common units, with a 975,000-unit extra allotment, through Raymond James to help pay for it. The deal closed on 30 August 2024. At the same time TXO enlarged its credit facility: the borrowing base, the cap on what it could borrow, rose from $165 million to $275 million, and the maturity moved to August 2028. Units on issue ended 2024 at 40,913,332.
2025: The Elm Coulee deal
In May 2025 TXO agreed to a second, larger Williston purchase: White Rock Energy's oil, gas and mineral assets in the Elm Coulee field in Montana, bought alongside partner North Hudson Resource Partners. TXO would pay $279.9 million in cash at closing and $70 million a year later. The next day it sold 11.7 million common units, plus a 1.75-million-unit extra allotment, through Raymond James and Stifel, a much bigger raise than in 2024. The exchange again certified the securities for listing on 22 May.
The acquisition closed in August 2025, and the borrowing base rose from $275 million to $410 million, with maturity extended to August 2029. By the end of 2025 units on issue stood at 54,784,292, reflecting the new offering. In October TXO guided to quarterly distributions of $0.35 to $0.40 for the rest of 2025.
2026: Selling Cross Timbers
In March 2026 Cross Timbers Energy, a joint venture TXO owns half of, agreed to sell substantially all its properties for about $200 million. Of that, $123.5 million came from CTOC Energy, a related party owned by family members of chairman Bob R. Simpson. The board's independent Conflicts Committee approved the sale. It closed on 28 May 2026, and TXO's half share, about $100 million, went to pay down its credit facility. TXO remained a distribution-paying producer with core positions in the Permian and Williston Basin and a Mancos Shale program in early development.
Written from the 11 story beats below (2023 to 28 May 2026), which come from the company's own announcements and filings.