TXO Energy Partners LP, a US oil and gas production company in the Permian and San Juan Basins, raised $100 million by offering 5 million shares at $20, within the range of $19 to $21. The company plans to pay a quarterly dividend, though it will be highly variable and have no minimum.
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.
TXO Energy Partners LP plans to list on the NYSE under the symbol TXO. Raymond James, Stifel, Janney Montgomery Scott, and Capital One Securities acted as joint bookrunners on the deal.
