TXO Partners, L.P. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TXO Partners, L.P. has filed its annual report for the fiscal year ended December 31, 2023.</b>

AI Summary

TXO Partners, L.P. (TXO) filed a Annual Report (10-K) with the SEC on March 5, 2024. TXO Partners, L.P. filed its 2023 Form 10-K on March 5, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Crude Petroleum & Natural Gas. TXO Partners, L.P. was formerly known as TXO Energy Partners, L.P. and MorningStar Partners, L.P. The company is incorporated in Delaware and headquartered in Fort Worth, Texas.

Why It Matters

For investors and stakeholders tracking TXO Partners, L.P., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TXO Partners' financial performance, operational activities, and risk factors for the fiscal year 2023, crucial for investors assessing the company's current standing and future prospects. The detailed information within the filing, including financial statements and business descriptions, is essential for stakeholders to understand the company's position in the crude petroleum and natural gas sector and make informed investment decisions.

Risk Assessment

Risk Level: — TXO Partners, L.P. shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess TXO Partners' performance and potential risks in the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-05 — Filing Date (Date of submission)
• 001-41605 — SEC File Number (Company's SEC file number)

Key Players & Entities

• TXO Partners, L.P. (company) — Filer name
• TXO Energy Partners, L.P. (company) — Former company name
• MorningStar Partners, L.P. (company) — Former company name
• Fort Worth (location) — Business address city
• Delaware (location) — State of incorporation

FAQ

Risk Factors

• Market Fluctuations [high — market]: The company's financial results are significantly impacted by the volatility of prices for crude oil, natural gas, and natural gas liquids.
• Regulatory Environment [medium — regulatory]: Operations are subject to extensive federal, state, and local government regulations concerning environmental protection, safety, and production.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-05: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for TXO Partners, L.P.)

Crude Petroleum & Natural Gas

Industry classification for companies involved in the exploration, extraction, and production of crude oil and natural gas. (This is the primary industry in which TXO Partners, L.P. operates, indicating its core business activities.)

Key Financial Figures

• $20 — Our development budget is approximately $20 - $28 million for 2024. The members of
• $28 million — velopment budget is approximately $20 - $28 million for 2024. The members of our managemen
• $15 billion — hundreds of acquisitions totaling over $15 billion. Additionally, our management team has
• $500 million — eam has collectively invested more than $500 million in us since our inception. We believe o

Filing Documents

• txo-20231231.htm (10-K) — 2318KB
• ex104txo-amendmentno3stbdr.htm (EX-10.4) — 52KB
• txo-exhibit2111.htm (EX-21.1) — 5KB
• ex231txo-10xkexcgaconsente.htm (EX-23.1) — 5KB
• ex232-txokpmgconsent.htm (EX-23.2) — 3KB
• ex311txo-202310xksection30.htm (EX-31.1) — 8KB
• ex312txo-202310xksection30.htm (EX-31.2) — 8KB
• ex321txo-202310xksection90.htm (EX-32.1) — 4KB
• ex322txo-202310xksection90.htm (EX-32.2) — 4KB
• ex970txo-clawbackpolicyfin.htm (EX-97.0) — 35KB
• ex991cgatxoreportletter-ye.htm (EX-99.1) — 59KB
• image_0.jpg (GRAPHIC) — 4KB
• image_01a.jpg (GRAPHIC) — 230KB
• image_0a.jpg (GRAPHIC) — 213KB
• image_1a.jpg (GRAPHIC) — 49KB
• image_1b.jpg (GRAPHIC) — 53KB
• image_2a.jpg (GRAPHIC) — 89KB
• image_3a.jpg (GRAPHIC) — 10KB
• 0001559432-24-000011.txt (&nbsp;) — 10201KB
• txo-20231231.xsd (EX-101.SCH) — 59KB
• txo-20231231_cal.xml (EX-101.CAL) — 68KB
• txo-20231231_def.xml (EX-101.DEF) — 291KB
• txo-20231231_lab.xml (EX-101.LAB) — 790KB
• txo-20231231_pre.xml (EX-101.PRE) — 514KB
• txo-20231231_htm.xml (XML) — 1143KB

Risk Factors

Risk Factors 29 Item 1B. Unresolved Staff Comments 66

C

Item 1 C . Cybersecurity 66 Item 3.

Legal Proceedings

Legal Proceedings 67 Item 4. Mine Safety Disclosures 67 Part II Item 5. Market for Registrant's Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities 68 Item 6. [ Reserved ] 69 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 69 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 89 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 90 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 90 Part III Item 10. Directors, Executive Officers and Corporate Governance 91 Item 11.

Executive Compensation

Executive Compensation 96 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Unitholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Unitholder Matters 101 Item 13. Certain Relationships and Related Transactions, and Director Independence 102 Item 14. Principal Accounting Fees and Services 104 Part IV Item 15. Exhibits, Financial Statement Schedules 105 Item 16. Form 10-K Summary 106

Signatures

Signatures 107 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Some of the information in this Annual Report on Form 10-K may contain "forward-looking statements." All statements, other than statements of historical fact included in this Annual Report on Form 10-K, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Annual Report on Form 10-K, words such as "may," "assume," "forecast," "could," "should," "will," "plan," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget" and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading "Risk Factors" included in this Annual Report on Form 10-K. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development and production of oil, natural gas and natural gas liquids ("NGLs"). We disclose important factors that could cause our actual results to differ materially from our expectations as discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Annual Report on Form 10-K. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statement include: commodity price volatility; the impact of epidemics, outbreaks or other public health events, an