TXO Energy Partners LP, a North American oil and gas E&P operating in the Permian and San Juan Basins, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The company filed under the name MorningStar Partners LP but plans to change its name prior to the closing of the offering.
The company is focused primarily on enhancing the development and operation of producing properties, and its current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, and the San Juan Basin of New Mexico and Colorado. As of December 31, 2021, TXO Energy Partner's assets consisted of approximately 846,000 gross (370,000 net) leasehold and mineral acres, with approximately 130 million Boe of proved reserves. In the first nine months of 2022, the company produced an average of approximately 23,265 Boe per day, approximately 70% of which came from assets operated by the company.
The Fort Worth, TX-based company was founded in 2012 and booked $344 million in revenue for the 12 months ended September 30, 2022. It plans to list on the NYSE under the symbol TXO. TXO Energy Partners LP filed confidentially on July 14, 2022. Raymond James, Stifel, Janney Montgomery Scott, and Capital One Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
