TXO Partners, L.P. (TXO) 10-Year Financial Performance & Capital Metrics

TXO • • Industrial / General

EnergyOil & Gas E&PConventional Onshore E&PRegional Conventional Specialists

AboutTXO Energy Partners, L.P. engages in the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. As of July 31, 2022, it had working interest in the 850,009 gross acres located in the United States primarily in the San Juan Basin of New Mexico and Colorado, and the Permian Basin of West Texas and New Mexico. The company was founded in 2012 and is based in Fort Worth, Texas.Show more

Revenue $283M -25.7%
EBITDA $57M +180.7%
Net Income $23M +122.6%
EPS (Diluted) 0.65 +118.9%
Gross Margin 28.32% -43.7%
EBITDA Margin 20.22% +208.6%
Operating Margin -2.43% +92.5%
Net Margin 8.31% +130.4%
ROE 4.34% +120.8%
ROIC -0.82% +95.0%
Debt/Equity 0.26 +334.7%
Interest Coverage -0.87 +96.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.6x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 11 (bottom 11%)
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 19.4% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y7.39%

TTM27.66%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-23.5%

TTM109.34%

EPS CAGR

10Y-

5Y-

3Y-32.36%

TTM106.74%

ROCE

10Y Avg-8.15%

5Y Avg-8.15%

3Y Avg-7.13%

Latest-0.85%

Peer Comparison

Regional Conventional Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TXOTXO Partners, L.P.	590.57M	10.78	16.58	-25.72%	4.62%	2.29%		0.26
BRYBerry Corporation	253M	3.26	13.04	-9.22%	-13.36%	-14.22%	42.64%	0.60
CRCCalifornia Resources Corporation	4.22B	47.21	10.22	5.12%	10.88%	11.15%	8.3%	0.35
SDSandRidge Energy, Inc.	537.26M	14.61	8.65	-15.71%	42.42%	13.43%	8.85%
PNRGPrimeEnergy Resources Corporation	280.08M	171.30	7.80	89.96%	12.85%	11.79%		0.04
TPETTrio Petroleum Corp.	10.02M	0.83	-0.19		-20.63%	-54.86%		0.10
BRNBarnwell Industries, Inc.	14.42M	1.15	-1.62	-100%	-42.31%	-76.43%		0.01

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	108.76M	228.34M	246.4M	380.72M	282.81M
Revenue Growth %	-	1.1%	0.08%	0.55%	-0.26%
Cost of Goods Sold+	91.47M	109.14M	169.03M	189.02M	202.7M
COGS % of Revenue	0.84%	0.48%	0.69%	0.5%	0.72%
Gross Profit+	17.3M	119.2M	77.37M	191.7M	80.11M
Gross Margin %	0.16%	0.52%	0.31%	0.5%	0.28%
Gross Profit Growth %	-	5.89%	-0.35%	1.48%	-0.58%
Operating Expenses+	172.6M	75.01M	103.05M	315.48M	86.97M
OpEx % of Revenue	1.59%	0.33%	0.42%	0.83%	0.31%
Selling, General & Admin	7M	12.18M	1.65M	7.89M	14.53M
SG&A % of Revenue	0.06%	0.05%	0.01%	0.02%	0.05%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	165.6M	62.83M	101.41M	307.59M	72.44M
Operating Income+	-155.3M	44.19M	-25.68M	-123.78M	-6.86M
Operating Margin %	-1.43%	0.19%	-0.1%	-0.33%	-0.02%
Operating Income Growth %	-	1.28%	-1.58%	-3.82%	0.94%
EBITDA+	-112.98M	84.08M	15.68M	-70.85M	57.17M
EBITDA Margin %	-1.04%	0.37%	0.06%	-0.19%	0.2%
EBITDA Growth %	-	1.74%	-0.81%	-5.52%	1.81%
D&A (Non-Cash Add-back)	42.32M	39.89M	41.36M	52.93M	64.03M
EBIT	-155.03M	58.34M	530K	-99.56M	31.37M
Net Interest Income+	-8.01M	-5.85M	-8.05M	-3.96M	-6.79M
Interest Income	194K	16K	143K	461K	1.08M
Interest Expense	8.2M	5.87M	8.2M	4.42M	7.87M
Other Income/Expense	-7.94M	8.29M	18.01M	19.79M	30.36M
Pretax Income+	-163.24M	52.48M	-7.67M	-103.99M	23.5M
Pretax Margin %	-1.5%	0.23%	-0.03%	-0.27%	0.08%
Income Tax+	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%
Net Income+	-163.24M	52.48M	-7.67M	-103.99M	23.5M
Net Margin %	-1.5%	0.23%	-0.03%	-0.27%	0.08%
Net Income Growth %	-	1.32%	-1.15%	-12.56%	1.23%
Net Income (Continuing)	-163.24M	52.48M	-7.67M	-103.99M	23.5M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	-6.53	2.10	-0.26	-3.44	0.65
EPS Growth %	-	1.32%	-1.12%	-12.23%	1.19%
EPS (Basic)	-6.53	2.10	-0.26	-3.44	0.66
Diluted Shares Outstanding	30M	30M	30M	30.27M	36.13M
Basic Shares Outstanding	25M	25M	30M	30.23M	35.56M
Dividend Payout Ratio	-	0%	-	-	3.63%

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	41.28M	57.1M	74.03M	55.19M	64.45M
Cash & Short-Term Investments	21.93M	7.55M	9.2M	4.5M	7.3M
Cash Only	21.93M	7.55M	9.2M	4.5M	7.3M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	16.12M	34.12M	52.3M	32.23M	39.69M
Days Sales Outstanding	54.1	54.55	77.48	30.9	51.22
Inventory	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-
Other Current Assets	3.22M	15.43M	12.52M	18.46M	17.45M
Total Non-Current Assets+	582.66M	775.72M	850.61M	640.42M	966.39M
Property, Plant & Equipment	573.79M	760.33M	836.4M	629.32M	951.39M
Fixed Asset Turnover	0.19x	0.30x	0.29x	0.60x	0.30x
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	0
Long-Term Investments	0	12.04M	7.42M	0	9.2M
Other Non-Current Assets	8.87M	3.35M	6.78M	11.1M	5.81M
Total Assets+	623.94M	832.82M	924.63M	695.61M	1.03B
Asset Turnover	0.17x	0.27x	0.27x	0.55x	0.27x
Asset Growth %	-	0.33%	0.11%	-0.25%	0.48%
Total Current Liabilities+	18.92M	35.27M	147.46M	39.12M	66.34M
Accounts Payable	3.66M	3.96M	14.69M	8.6M	18.22M
Days Payables Outstanding	14.61	13.26	31.71	16.6	32.8
Short-Term Debt	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0
Other Current Liabilities	1.1M	8.09M	105.3M	7.83M	42.5M
Current Ratio	2.18x	1.62x	0.50x	1.41x	0.97x
Quick Ratio	2.18x	1.62x	0.50x	1.41x	0.97x
Cash Conversion Cycle	-	-	-	-	-
Total Non-Current Liabilities+	301.75M	256.19M	255.63M	182.7M	355.09M
Long-Term Debt	151.25M	152.1M	120.1M	28.1M	157.1M
Capital Lease Obligations	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0
Other Non-Current Liabilities	150.5M	104.09M	135.53M	154.6M	197.99M
Total Liabilities	320.67M	291.46M	403.1M	221.81M	421.43M
Total Debt+	151.25M	152.1M	120.1M	28.1M	157.1M
Net Debt	129.32M	144.55M	110.9M	23.59M	149.79M
Debt / Equity	0.50x	0.28x	0.23x	0.06x	0.26x
Debt / EBITDA	-	1.81x	7.66x	-	2.75x
Net Debt / EBITDA	-	1.72x	7.07x	-	2.62x
Interest Coverage	-18.93x	7.53x	-3.13x	-27.99x	-0.87x
Total Equity+	303.27M	541.36M	521.54M	473.8M	609.42M
Equity Growth %	-	0.79%	-0.04%	-0.09%	0.29%
Book Value per Share	10.11	18.05	17.38	15.65	16.87
Total Shareholders' Equity	303.27M	541.36M	521.54M	473.8M	609.42M
Common Stock	268.97M	300.99M	315.46M	473.8M	609.42M
Retained Earnings	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	0	0	0	0
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	18.96M	73.73M	136.38M	77.15M	109.3M
Operating CF Margin %	0.17%	0.32%	0.55%	0.2%	0.39%
Operating CF Growth %	-	2.89%	0.85%	-0.43%	0.42%
Net Income	-163.24M	52.48M	-7.67M	-103.99M	23.5M
Depreciation & Amortization	46.26M	44.56M	47.42M	52.93M	64.03M
Stock-Based Compensation	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	142.1M	-16.31M	113.93M	121.56M	14.86M
Working Capital Changes	-6.16M	-6.99M	-17.3M	6.64M	6.91M
Change in Receivables	-8.1M	-14.81M	-22.75M	19.68M	-7.99M
Change in Inventory	0	0	0	0	0
Change in Payables	0	0	0	0	0
Cash from Investing+	-16.72M	-227.8M	-86.67M	-46.22M	-288.28M
Capital Expenditures	-11.73M	-219.43M	-63.27M	-10.42M	-265.16M
CapEx % of Revenue	0.11%	0.96%	0.26%	0.03%	0.94%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	-4.99M	-8.37M	-23.4M	-35.8M	0
Cash from Financing+	14.07M	139.69M	-48.05M	-35.63M	181.78M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	-31K	-139K	-13.18M	-49.76M	-85.36M
Share Repurchases	-	-	-	-	-
Other Financing	-749K	-2.83M	-2.87M	-144K	-3.09M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	7.24M	-145.7M	73.11M	66.73M	-155.86M
FCF Margin %	0.07%	-0.64%	0.3%	0.18%	-0.55%
FCF Growth %	-	-21.14%	1.5%	-0.09%	-3.34%
FCF per Share	0.24	-4.86	2.44	2.20	-4.31
FCF Conversion (FCF/Net Income)	-0.12x	1.40x	-17.79x	-0.74x	4.65x
Interest Paid	0	0	0	0	0
Taxes Paid	0	0	0	0	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-53.83%	12.43%	-1.44%	-20.89%	4.34%
Return on Invested Capital (ROIC)	-	5.93%	-2.92%	-16.43%	-0.82%
Gross Margin	15.9%	52.2%	31.4%	50.35%	28.32%
Net Margin	-150.08%	22.98%	-3.11%	-27.31%	8.31%
Debt / Equity	0.50x	0.28x	0.23x	0.06x	0.26x
Interest Coverage	-18.93x	7.53x	-3.13x	-27.99x	-0.87x
FCF Conversion	-0.12x	1.40x	-17.79x	-0.74x	4.65x
Revenue Growth	-	109.94%	7.91%	54.51%	-25.72%

Revenue by Segment

	2023	2024
Oil and Condensate	182.73M	198.32M
Oil and Condensate Growth	-	8.53%
Natural Gas	168.79M	57.86M
Natural Gas Growth	-	-65.72%
Natural Gas Liquids	29.19M	-
Natural Gas Liquids Growth	-	-

Frequently Asked Questions

Valuation & Price

TXO Partners, L.P. (TXO) has a price-to-earnings (P/E) ratio of 16.6x. This is roughly in line with market averages.

Growth & Financials

TXO Partners, L.P. (TXO) reported $364.4M in revenue for fiscal year 2024. This represents a 235% increase from $108.8M in 2020.

TXO Partners, L.P. (TXO) saw revenue decline by 25.7% over the past year.

Yes, TXO Partners, L.P. (TXO) is profitable, generating $16.9M in net income for fiscal year 2024 (8.3% net margin).

Dividend & Returns

Yes, TXO Partners, L.P. (TXO) pays a dividend with a yield of 21.91%. This makes it attractive for income-focused investors.

TXO Partners, L.P. (TXO) has a return on equity (ROE) of 4.3%. This is below average, suggesting room for improvement.

TXO Partners, L.P. (TXO) had negative free cash flow of $146.2M in fiscal year 2024, likely due to heavy capital investments.

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