Upstream MLP (Bob Simpson-founded) targeting mature, low-decline conventional oil & gas — Permian (San Andres), Williston (Elm Coulee) and San Juan Basin — run for cash and high quarterly distributions.
Consolidation model buying long-life PDP; unit-holder returns via a large variable distribution. Flags: MLP structure, distribution variability, conventional decline management.
Its EV/EBITDA of 15.3x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -29.9% is lower than the 6.5% median, and at $7.83/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, TXO Partners scores 41/100, strongest on valuation (54/100). Sub-scores: value 54, quality 40, growth 18, risk 65 (higher = riskier).
TXO Partners holds approximately 0.13 billion boe of proved (1P) reserves with FY2025 production of about 28 thousand boe/d (60% liquids), a reserve life of roughly 12.5 years. Break-even: ~$45 (WTI distribution breakeven) — Low-decline conventional assets support a high variable distribution around mid-$40s WTI.
Using TXO Partners's SEC-disclosed after-tax standardized measure of proved reserves ($1.1bn) less net debt ($0.3bn) gives an equity-NAV floor of about $0.8bn — the current market capitalisation sits -15% versus that floor. Disclosed pre-tax PV-10: $1.2bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| San Andres (Permian) | United States | Oil | Conventional low-decline oil |
| Elm Coulee (Williston) | United States | Oil | Bakken conventional |
| San Juan Basin | United States | Gas | Legacy gas |
| Waterflood programs | United States | Oil | Secondary recovery |
| Acquisitions | United States | Oil/Gas | Ongoing PDP roll-up |
| Associated gas/NGL | United States | Gas | Takeaway |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 30 | 35 | 40 | 44 | 28 |
| Proved reserves (bnboe) | 0.14 | 0.16 | 0.18 | 0.19 | 0.13 |
| Revenue ($bn) | 0.4 | 0.6 | 0.6 | 0.6 | 0.4 |
| EBITDA ($bn) | 0.2 | 0.3 | 0.3 | 0.3 | 0.1 |
| Net income ($bn) | 0.1 | 0.1 | 0.1 | 0.1 | -0.0 |
| Free cash flow ($bn) | 0.1 | 0.1 | 0.1 | 0.1 | -0.2 |
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✓ FY2025 figures verified against primary sources: