TXO Partners, L.P.
TXO · Crude Petroleum & Natural Gas · 55.2M shares · +10%/yr ↑ shares · EDGAR filings ↗
Reference price $12.64 · est. market cap ~$698M — last insider purchase, 2026-06-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Sub-scale conventional E&P MLP with a loss year, high leverage and a fresh impairment.
Strengths
- Long-lived, low-decline asset base supporting OCF margin near sector median
- De-levering via $40M Cross Timbers asset sales and 2025 equity raise
Risks
- Net/operating margins and ROA negative; net income down 192% (5.8th pct)
- Net-debt/EBITDA 4.3x (100th pct), current ratio 0.62 and a $42.4M impairment
Notable findings
- Net lossNet loss (net margin -5.4%)
- Weak liquidityCurrent ratio 0.62 (<1)
- Chronic dilutionShare count +10%/yr over 2y (dilution)
- Insider buyingInsider buying — 17 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$31M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 5 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-7.6%
Net margin
-5.4%
Return on assets
-1.6%
Revenue growth (QoQ)
-5.1%
Net-income growth
-192.0%
Net debt / EBITDA
4.3×
Current ratio
0.6×
EBITDA
$66M
Cash & investments
$9M
Stock comp / revenue
4.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | SIMPSON BOB R | Buy | 63K | $12.64 |
| 2026-06-22 | SIMPSON BOB R | Buy | 37K | $12.55 |
| 2026-06-03 | SIMPSON BOB R | Buy | 369K | $13.91 |
| 2026-06-02 | SIMPSON BOB R | Buy | 231K | $13.41 |
| 2026-05-27 | SIMPSON BOB R | Buy | 66K | $13.20 |
| 2026-05-26 | SIMPSON BOB R | Buy | 34K | $13.27 |
| 2026-05-22 | SIMPSON BOB R | Buy | 104K | $13.77 |
| 2026-05-21 | SIMPSON BOB R | Buy | 246K | $13.70 |
| 2026-05-20 | SIMPSON BOB R | Buy | 90K | $13.35 |
| 2026-05-18 | SIMPSON BOB R | Buy | 58K | $13.17 |
| 2026-05-15 | SIMPSON BOB R | Buy | 152K | $12.95 |
| 2026-05-14 | SIMPSON BOB R | Buy | 64K | $13.02 |
| 2026-05-13 | SIMPSON BOB R | Buy | 86K | $12.98 |
| 2026-05-11 | SIMPSON BOB R | Buy | 500K | $12.67 |
| 2026-05-08 | SIMPSON BOB R | Buy | 162K | $12.50 |
| 2026-05-08 | ADAMS WILLIAM H III | Buy | 10K | $12.41 |
| 2026-05-07 | SIMPSON BOB R | Buy | 88K | $12.43 |
| 2026-04-01 | Clum Brent W. | Sell | 27K | $12.38 |
| 2026-04-01 | Simpson Gary D. | Sell | 27K | $12.38 |
| 2026-03-27 | HUTTON KEITH A | Gift | 720K | — |
| 2026-01-31 | Agosta Scott T. | Grant | 21K | — |
| 2026-01-31 | King Luther Jr | Grant | 11K | — |
| 2026-01-31 | Settle Rick Jacob | Grant | 11K | — |
| 2026-01-31 | Agosta Scott T. | Grant | 36K | — |
| 2026-01-31 | Agosta Scott T. | Sell | 11K | $12.07 |
| 2026-01-31 | Clum Brent W. | Grant | 156K | — |
| 2026-01-31 | Clum Brent W. | Grant | 53K | — |
| 2026-01-31 | Clum Brent W. | Sell | 20K | $12.07 |
| 2026-01-31 | Massaro Lawrence S | Grant | 11K | — |
| 2026-01-31 | Simpson Gary D. | Grant | 156K | — |
| 2026-01-31 | Simpson Gary D. | Grant | 53K | — |
| 2026-01-31 | Simpson Gary D. | Sell | 8.1K | $12.07 |
| 2026-01-31 | KEVIL PHILLIP R | Grant | 11K | — |
| 2026-01-31 | ADAMS WILLIAM H III | Grant | 11K | — |
| 2025-12-11 | KEVIL PHILLIP R | Buy | 2.0K | $11.90 |
| 2025-05-19 | ADAMS WILLIAM H III | Buy | 10K | $15.26 |
| 2025-05-15 | King Luther Jr | Buy | 500K | $15.00 |
| 2025-05-15 | SIMPSON BOB R | Buy | 2.2M | $15.00 |
| 2025-05-15 | Massaro Lawrence S | Buy | 20K | $15.00 |
| 2025-05-15 | HUTTON KEITH A | Buy | 700K | $15.00 |
| 2025-05-14 | KEVIL PHILLIP R | Buy | 3.0K | $15.18 |
| 2025-04-01 | Massaro Lawrence S | Grant | 3.9K | — |
| 2025-04-01 | Simpson Gary D. | Grant | 100K | — |
| 2025-04-01 | Simpson Gary D. | Grant | 100K | — |
| 2025-04-01 | Simpson Gary D. | Sell | 32K | $19.08 |
| 2025-04-01 | Clum Brent W. | Grant | 100K | — |
| 2025-04-01 | Clum Brent W. | Grant | 100K | — |
| 2025-04-01 | Clum Brent W. | Sell | 32K | $19.08 |
| 2025-01-31 | Agosta Scott T. | Grant | 21K | — |
| 2025-01-31 | Agosta Scott T. | Grant | 24K | — |
| 2025-01-31 | Agosta Scott T. | Sell | 5.8K | $18.59 |
| 2025-01-31 | Simpson Gary D. | Grant | 53K | — |
| 2025-01-31 | Simpson Gary D. | Grant | 8.1K | — |
| 2025-01-31 | Clum Brent W. | Grant | 53K | — |
| 2025-01-31 | Clum Brent W. | Grant | 60K | — |
| 2025-01-31 | Clum Brent W. | Sell | 7.7K | $18.59 |
| 2025-01-31 | Settle Rick Jacob | Grant | 5.5K | — |
| 2025-01-31 | King Luther Jr | Grant | 3.9K | — |
| 2025-01-31 | KEVIL PHILLIP R | Grant | 3.9K | — |
| 2025-01-31 | ADAMS WILLIAM H III | Grant | 5.5K | — |
| 2024-12-30 | ADAMS WILLIAM H III | Buy | 14K | $16.93 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-28 | Acquisition/dispositionExhibits | filing ↗ |
| 2026-05-04 | Reg FDExhibits | filing ↗ |
| 2026-03-10 | Material agreementReg FDExhibits | filing ↗ |
| 2026-02-26 | Reg FDExhibits | filing ↗ |
| 2025-11-04 | Reg FDExhibits | filing ↗ |
| 2025-10-08 | Exhibits | filing ↗ |
| 2025-10-06 | Reg FD | filing ↗ |
| 2025-08-05 | Material agreementAcquisition/dispositionReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-28 | 2026-05-28 | 0001559432-26-000007 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-204131 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001193125-26-204137 ↗ |
| 10-K/A | 2026-03-26 | 2025-12-31 | 0001559432-26-000005 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001559432-26-000002 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076765 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076813 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001559432-25-000108 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001559432-25-000107 ↗ |
| 8-K/A | 2025-10-08 | 2025-07-31 | 0001193125-25-234551 ↗ |
| 8-K | 2025-10-06 | 2025-10-06 | 0001559432-25-000104 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001559432-25-000098 ↗ |