Txo Partners, L.p. · NYSE:TXO
Txo Partners, L.p — Investor Presentation (November 2026)
18 slides from Txo Partners, L.p's investor presentation, Nov 3, 2026
Slide 1: TXO Partners, L.P. Investor Presentation November 2026
TXO Partners, L.P. Investor Presentation November 2026
Slide 2: 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 and on information currently available to ma
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 (1) As o
Slide 4: About Us
About Us | TXO Partners, L.P. (NYSE & NYSE Texas: TXO) ~520K Net Acres Primarily Across Three Major US Basins 43%(2) 2026 Estimated EBITDAX Margin (3) $7.40(1) Total Per Unit Distributions Since IPO 27% (4) Growth in Daily Oil Production YTD 2026 Versus FY 2025 >$310M(1) Total Dollars Distributed to
Slide 5: Yield-oriented independent oil and natural gas company
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 oil and gas basins TXO operates in development plays with proved assets 22.5 MBoe/d in 2025, 106 MMBoe proved reserves(1) $1B in Prove
Slide 6: Room to Run
Room to Run Coupled with our low-decline conventional base, we believe TXO is positioned to generate meaningful cash flow over the coming years TXO’s balanced portfolio provides the ability to allocate capital to the highest-return commodity (1) The illustrative chart uses EBITDAX, which is a non-GA
Slide 7: TXO Operates in High Impact Basins
TXO Operates in High Impact Basins Exposure to a balance of oil and natural gas inventory provides capital allocation flexibility Focused on three prolific US basins Portfolio underpinned by shallow decline conventional production with unconventional growth upsides Conventional Base + Unconventional
Slide 8: Stacking Good Decisions
Source: TXO public filings Note: 2026(E) represents actuals from 1/1/2026 through 9/30/2026 and forecasts thereafter. 4Q 2026 and 2027(E) are forecast at NYMEX strip as of 10/30/2026. (1) Forecast revenue includes plant and CO2 income. Stacking Good Decisions Growth in scale and profitability produc
Slide 9: Industry leading breakevens provide distribution durability
Industry leading breakevens provide distribution durability to unitholders Best in Class Breakeven Oil Price Source: Capital One, N.A.
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 the Williston Basin Net acres: ~271,000 4Q 2024 production: 5.7 Mboe/d (76% oil, 88% liquids) 4Q 2025 production: 1
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 Net acres: ~43,000 2025 production: 4.5 MBoe/d (85% oil, 98% liquids) Base d
Slide 12: San Juan Basin – Mancos Shale Play
San Juan Basin – Mancos Shale Play TXO Net Acres in Mancos Play 58,500 Offset operator current gas rig count in basin(1) 1 Within a prime target area, TXO has water rights, company owned surface & SWD, and optionality for key gas gathering system TXO Exploring potential development, joint venture, f
Slide 13: Capital Program, Structure, Distribution Policy, Balance Sheet
High Margin Capital Program Attractive Structure Variable Distribution Policy Strong Balance Sheet 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 to go straight to unitholders,
Slide 14: Upstream MLP Comparison
Upstream MLP Comparison Our management team structured TXO as a “new and improved” MLP (1) Our development costs include all of our capital expenditures made for oil and gas properties, other than acquisitions. Element Prior Upstream MLPs TXO Leverage Relied heavily on debt to fund projects and acqu
Slide 15: Hedge Profile Summary
Hedge Profile Summary As of 9/30/26
Slide 16: Investment Considerations and Opportunity Highlights
Investment Considerations and Opportunity Highlights 3 4 Experienced and personally invested management team with an extensive track record of value creation 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
Slide 18: Experienced and Personally Invested Management Team
Experienced and Personally Invested Management Team with an Extensive Track Record of Value Creation Executives Prior Experience Education Other Background Information d Bob Simpson Chairman of the Board Of Directors 45+ years of experience in the oil and gas industry Designated as “Top Business Gra