Start here if you're new
what it is
TXO buys and runs older oil and gas wells, then sends cash back to you when commodity prices cooperate.
how it gets paid
Segment rows below are a stylized FY-style split— tie totals to the latest 10-Q/10-K. Q3 2025 revenue was ~$100.9M (vs. ~$68.7M prior-year quarter) per the partnership’s Q3 2025 materials.
why it's growing
Revenue grew 27.3% last year. The headline was volume and pricing. Annual revenue reached $363M.
what just happened
Q3 2025 revenue was ~$100.9M (~+47% YoY); net income was ~$4.4M (~$0.08/basic unit)— not a $259M “quarter” on a ~$363M FY-style table.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
29.3x trailing p/e — priced about right
9.7% dividend yield — cash in your pocket every quarter
3.6% return on capital — nothing to write home about
$0.65 fy2024 eps est
xvary composite: 60/100 — average
What they do
TXO buys and runs older oil and gas wells, then sends cash back to you when commodity prices cooperate.
TXO plays in conventional fields, not flashy shale science projects. In 2024 it produced 23,387 barrels of oil equivalent per day, and 66% came from assets it operated itself. That matters because operated assets mean your team controls the pace, the costs, and the fixes when wells misbehave.
How they make money
~$363M
illustrative annual revenue mix · confirm the fiscal total in filings (nine months 2025 were ~$275M in the Q3 2025 10-Q narrative)
crude oil sales
$182M
natural gas sales
$103M
natural gas liquids sales
$51M
other production revenue
$27M
The products that matter
oil and gas production base
williston basin assets
$332M acquisition
this $332M acquisition sits at the center of the 2026 plan. if it does not throw off cash, the rest of the story gets thin fast.
2026 focus
capital source
asset sale portfolio
~$100M targeted proceeds
management is targeting roughly $100M of net proceeds here to help fund the payout and the $70M development budget. that is financing support, not operating strength.
funding bridge
cash return policy
quarterly distribution
9.7% yield
for many investors, this is the product. at a 9.7% yield, your return case depends as much on distribution durability as on oil and gas prices.
income hook
Key numbers
9.7%
dividend yield
Dividend yield means cash paid to you divided by share price. So what: this stock pays almost 1 year of S&P 500 yield in about one quarter, but only if cash flow holds.
$271M
long-term debt
Long-term debt means money owed for years. So what: lenders stand ahead of you for $271M, equal to 28% of the company's capital.
29.3x
trailing p/e
P/E means price divided by past earnings. So what: you are paying $29.30 for each $1 of trailing profit in a business with a negative 8.4% operating margin.
3.6%
return on capital
Return on capital means profit earned on the money tied up in the business. So what: TXO earns 3.6 cents for every dollar invested, which is thin for a commodity producer.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt $271M (28% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TXO right now.
source: institutional data · return history unavailable
What just happened
label the period
Q3 2025 revenue was ~$100.9M (~+47% YoY vs. ~$68.7M); net income ~$4.4M (~$0.08/basic common unit).
First nine months 2025 revenue was ~$275.1M vs. ~$193.5M in the prior-year period (Q3 2025 10-Q summary). The old $259M-as-one-quarter story failed sanity vs. a ~$363M full-year-style revenue table— always separate quarterly, nine-month, and annual.
~$101M
Q3 2025 revenue
$0.08
basic EPS (Q3)
~$275M
9M 2025 revenue
the number that mattered
Quarterly production revenue funds distributions alongside a ~$271M long-term debt stack— commodity price and acquisition integration still drive the swing factors.
source: TXO Partners Q3 2025 Form 10-Q / IR summaries (StockTitan SEC digest)
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is oil and gas prices falling while the payout stays high. this company does not have enough margin for commodity weakness and capital promises at the same time.
high
oil and gas price volatility
revenue comes from selling commodities. if prices weaken, the 9.7% distribution and the $70M development budget start competing for the same shrinking pool of cash.
this risk touches essentially all of the operating revenue base.
high
asset sale timing and pricing
management is counting on roughly $100M of net sale proceeds. if deals slip, close below expectations, or disappear, the capital plan gets tighter fast.
that proceeds target is larger than the full $70M development budget.
med
thin liquidity cushion
$271M of debt and only $5.31M of cash leaves you with little room for operating misses. the balance sheet is workable, but it does not absorb surprises for free.
net debt sits around $266M before you even get to the next quarter's operating swings.
med
low returns on capital
a 3.6% return on capital says the assets are not producing standout economics. that matters because a high yield only works for you when the underlying business earns more than it distributes.
3.6% is the kind of return that needs better prices, better wells, or lower expectations.
with $271M in debt, $5.31M in cash, a 9.7% yield, and a plan that leans on roughly $100M of sales, txo does not have much slack in the model.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
the next report is expected around april 29, 2026. after a -$0.57 eps quarter, you need to see whether profits recover or the loss becomes a habit.
metric
asset sale proceeds versus the ~$100M target
this is the number that matters for the near-term funding plan. less cash here means less flexibility everywhere else.
trend
whether the 9.7% payout starts matching operating reality
a high yield is fine. a high yield after repeated losses is a warning label. watch whether management can support the payout without leaning harder on disposals.
risk
commodity prices versus the $70M development budget
if oil and gas prices soften while spending stays elevated, you get pressure on both drilling returns and distribution coverage at the same time.
Analyst rankings
safety profile
3 / 5
risk rank 3 puts txo near the middle of the pack. in human-speak, this is not a balance-sheet emergency, but it is not a sleep-easy yield story either.
price stability
70
a 70 / 100 stability score is decent for a small energy name. you are still owning a commodity stock, not a utility bond with a ticker.
coverage depth
thin
published ranking data is limited in this snapshot. that means you have to underwrite the dividend, asset sales, and commodity exposure yourself.
source: institutional data
Institutional activity
institutional ownership data for TXO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive