TXO Partners is a master limited partnership (MLP) that acquires and operates conventional oil, natural gas, and NGL producing properties across three North American basins: the Permian Basin in West Texas and New Mexico (primarily oil), the San Juan Basin in New Mexico and Colorado (primarily natural gas, including coalbed methane), and the Williston Basin in Montana and North Dakota (primarily oil). TXO does not explore for new resources — it buys already-producing assets and optimizes them for cash flow. TXO produced roughly 28,268 Boe/d in 2025, with revenue split approximately 70% oil, 21% natural gas, and 9% NGLs. As an MLP, TXO distributes essentially all available cash to unitholders each quarter, making cash flow stability central to its strategy. TXO targets mature, low-decline conventional basins — the Permian and San Juan decline at just 6–8%/year — which keeps maintenance capital requirements low. TXO supplements organic production with acquisitions, most recently buying White Rock Energy's Williston Basin assets for $331.6M. TXO also holds a 50% interest in Cross Timbers Energy, a joint venture with XTO (an Exxon affiliate), which contributed about 18% of revenues. TXO hedges a portion of production to stabilize cash flows and funds its ~$70M annual development budget primarily from operating cash flow. Because distributions fluctuate directly with commodity prices, a sustained downturn in oil or gas prices will reduce distributions.