Txo Partners, L.p. · NYSE:TXO
Txo Partners, L.p — Investor Presentation (November 2025)
15 slides from Txo Partners, L.p's investor presentation, November 2025
Slide 1: TXO Partners, L.P. Investor Presentation November 2025
TXO Partners, L.P. Investor Presentation November 2025
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation contains “forward-looking” statements, as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions an
Slide 3: TXO Partners – Unique MLP in Energy
TXO Partners – Unique MLP in Energy • Owners of long-lived legacy properties with strong cash flows • Vision for long-term production and distribution model • Building value with the “right assets” over time • Management, board, and significant owners are aligned as owners with ~31%(1) of the units
Slide 4: About Us | TXO Partners, L.P.
About Us | TXO Partners, L.P. (NYSE & NYSE Texas: TXO) (NYSE: TXO) ~642K $5.90 >$229M 642,000 Net Acres Primarily Total Per Share Distributions Total Dollars Distributed to Across Three Major US Basins Since IPO Unitholders Since IPO 15.5% 39% 29K Daily Oil Production CAGR from Growth in Daily Oil P
Slide 5: Introduction to TXO Partners
Introduction to TXO Partners Low-decline assets allow the Company to distribute a Colorado substantial portion of its cash flow from operations Williston Basin Williston Basin • TXO is a yield-oriented independent oil and natural gas company headquartered in Fort Worth, TX with ~1,300,000 San Juan B
Slide 6: TXO Operates in High Impact Basins
TXO Operates in High Impact Basins Focused on three prolific US basins Exposure to a balance of oil and natural gas inventory Williston Basin provides capital allocation flexibility Conventional Base + Unconventional Upside Portfolio underpinned by shallow decline conventional production with unconv
Slide 7: Williston Basin
Williston Basin Return to the Williston Basin and Elm Coulee Field in 2024 with further consolidation in 2025 • Expands opportunity for extended reach laterals and re-frac applications • Enhances oil share of TXO’s portfolio • Significantly improves our operating efficiency with low lifting costs 20
Slide 8: San Juan Basin – Mancos Shale Play
San Juan Basin – Mancos Shale Play 58,500 TXO Net Acres in Mancos Play Core Mancos with Infrastructure Advantages San Juan Basin 3,250 Net Acres in Phase I Development 6% Phase I as a percentage of TXO total PHASE 1 Phase 1 Offset operators current gas rig count 2 in basin(1) Within a prime target a
Slide 9: Permian Basin
Permian Basin Diverse Permian asset base provides exposure to the premier onshore US oil and gas basin • Prolific upside opportunities are available through infill drilling, waterflood expansion, CO2 floods, and Production (MBoe/d) recompletions • Net acres: ~77,000 10.0 • 2024 production: 7.0 MBoe/
Slide 10: Financial Strategies
Financial Strategies TXO’s financial profile supports substantial free cash flow High Margin and Efficient Capital • Full-year development costs are budgeted to increase to ~$65MM Program Attractive • TXO’s capital strategy is particularly well suited for a Master Limited Partnership, Structure allo
Slide 11: Upstream MLP Comparison
Upstream MLP Comparison Our management team structured TXO as a “new and improved” MLP Element Prior Upstream MLPs TXO Relied heavily on debt to fund Expect to maintain a prudent Leverage projects and acquisitions leverage ratio Generally focused on Shale Exposure Focused on conventional plays uncon
Slide 12: Hedge Profile Summary
Hedge Profile Summary As of 9/30/25 Crude Oil WAVG NYMEX Production Period BBls per Day Price per BBl October 2025 - December 2025 10,000 $ 64.63 January 2026 - June 2026 7,000 $ 64.81 July 2026 - September 2026 5,000 $ 64.53 October 2026 - December 2026 3,375 $ 60.96 January 2027 - December 2027 3,
Slide 13: Proven Pathway to Success
Proven Pathway to Success Experienced and personally invested management team with an 1 extensive track record of value creation • Top-tier management with significant industry experience in acquiring and exploiting conventional oil and natural gas properties in multiple resource plays and basins •
Slide 14: Key Investment Considerations
Key Investment Considerations • Focused on high impact basins for development and growth • Durable long-term distributions • Judicious, low-risk capital spending • Captured resource potential to build value per unit 14
Slide 15: Experienced and Personally Invested Management Team with an Extensive Track Record of Value Creation
Experienced and Personally Invested Management Team with an Extensive Track Record of Value Creation Executives Bob Simpson Brent Clum Gary Simpson Scott Agosta Keith Hutton Chairman of the Board Co-Chief Executive Officer, Co-Chief Executive Chief Accounting Officer Executive Vice President, Of Dir