Txo Partners, L.p. · NYSE:TXO
Txo Partners, L.p — Investor Presentation (November 2026)
18 slides from Txo Partners, L.p's investor presentation, November 2026
Slide 1: TXO Partners, L.P. Investor Presentation
TXO Partners, L.P. Investor Presentation November 2026
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 ~35%(1) of the units
Slide 4: About Us | TXO Partners, L.P.
About Us | TXO Partners, L.P. (NYSE & NYSE Texas: TXO) ~520K $7.40 (1) >$310M (1) Net Acres Primarily Across Total Per Unit Distributions Total Dollars Distributed to Three Major US Basins Since IPO Unitholders Since IPO 43% (2) 27% (4) 26K (4) 2026 Estimated EBITDAX Growth in Daily Oil Production D
Slide 5: TXO Partners
TXO Partners Low-decline, conventional assets allow the Company to distribute a substantial portion of its cash flow from operations • TXO is a yield-oriented independent oil and natural gas company headquartered in Fort Worth, TX with ~773,000 gross acres and ~520,000 net acres across three premier
Slide 6: Room to Run
Room to Run TXO’s balanced portfolio provides the ability to allocate capital to the highest-return commodity • Coupled with our low-decline conventional base, we believe TXO is positioned to generate meaningful cash flow over the coming years Illustrative 2027 EBITDAX(1) $275 $250 $225 EBITDAX ($M)
Slide 7: 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 provides capital allocation Williston Basin flexibility Conventional Base + Unconventional Upside Portfolio underpinned by shallow decline conventional production with unconv
Slide 8: Stacking Good Decisions
Stacking Good Decisions Growth in scale and profitability produce higher distributions in the near-term while maintaining long-term unitholder value • Williston basin new-drills deliver oil growth in 2026 notwithstanding CTE JV divestiture Revenue ($/M) vs. EBITDAX Margin (1) Oil Production (MBO) vs
Slide 9: Best in Class Breakeven Oil Price
Best in Class Breakeven Oil Price Industry leading breakevens provide distribution durability to unitholders 2027E FCF Breakevens $90 $80 $70 $60 Breakeven Oil Price $50 $40 $30 $20 $10 $0 TXO MGY FANG MNR DVN PR SM COP OVV TALO CRC OXY EOG WCP.CN MTDR CHRD BTE.CN NOG APA MUR GRNT Pre-Div Post Div 9
Slide 10: Williston Basin
Williston Basin Return to the Williston Basin and Elm Coulee Field in 2024 with further consolidation in 2025 • Vast majority of TXO’s 2026 discretionary capex expected to be deployed in Cumulative Oil vs. Months Online – Normalized to 10K’ the Williston Basin 250,000 • Net acres: ~271,000 • 4Q 2024
Slide 11: 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 recompletions Production (MBoe/d) • Net acres: ~43,000 6.0 • 2025 production: 4.5 MBoe/d
Slide 12: 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 1 Offset operator current gas rig count in basin(1) PHASE 1 Within a prime target area, TXO has water rights, TXO company owned surface & SWD, and optionality for key gas
Slide 13: Financial Strategies
Financial Strategies TXO’s financial profile supports substantial free cash flow High Margin Capital Program • 2026 full-year development costs are expected to be $90-$95MM • TXO’s capital strategy is particularly well suited for a Master Limited Partnership, allowing distributions Attractive Struct
Slide 14: 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 projects Expect to maintain a prudent leverage Leverage and acquisitions ratio Generally focused on unconventional Shale Exposure Focused on conventio
Slide 15: Hedge Profile Summary
Hedge Profile Summary As of 9/30/26 Crude Oil Natural Gas Liquids - Ethane WAVG NYMEX WAVG NGL OPIS Production Period Bbls per Day Price per Bbl Production Period Gallons per Day Price per Gallon October 2026 - December 2026 10,000 $ 59.29 January 2027 - March 2027 14,700 $ 0.29 January 2027 - June
Slide 16: Investment Considerations and Opportunity Highlights
Investment Considerations and Opportunity Highlights Experienced and personally invested management team with an extensive track record of value creation 1 • Management team with significant industry experience in acquiring and exploiting conventional oil and natural gas properties in multiple resou
Slide 17: 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 17
Slide 18: 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 Director Of Directors CFO, Direc