TXO Partners, L.P. (NYSE: TXO) has announced the pricing of its public offering of $175 million of common units, consisting of 11,666,667 common units at a price of $15.00 per common unit. The offering is expected to close on May 15, 2025, and TXO expects to receive net proceeds of approximately $165.3 million.
The net proceeds from this offering are intended to fund a portion of the cash consideration for the previously announced asset acquisition from White Rock Energy, LLC, a portfolio company of Quantum Capital Group. Pending the closing of the acquisition, and in the event that the acquisition is not completed, the proceeds from the offering will be used to repay the outstanding borrowings under TXO’s revolving credit facility and for general partnership purposes.
Raymond James and Stifel are acting as joint book-running managers for the offering, with Capital One Securities, Mizuho, and Texas Capital Securities also acting as joint book-running managers.
The offering is being made pursuant to a combined prospectus with respect to two effective shelf registration statements filed by TXO with the Securities and Exchange Commission ("SEC").
TXO Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO’s current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico and Colorado, and the Williston Basin of Montana and North Dakota. Following these announcements, the company's shares moved 1.03%, and are now trading at a price of $17.68. If you want to know more, read the company's complete 8-K report here.
