TXO 8-K
TXO Partners, L.P. (TXO)
8-K
2023-11-07
For: 2023-11-07
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Added on
April 11, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 7, 2023
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||
(817 ) 334-7800
Registrant’s telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On November 7, 2023, TXO Partners, L.P. issued a press release announcing the declaration of its quarterly distribution for the third quarter of 2023 and outlook for distributions during the full year 2023. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Information in this Item 7.01 and Exhibit 99.1 of Item 9.01 below shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | ||||
| 99.1 | |||||
| 104.0 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TXO Partners, L.P. | ||||||||||||||
| By: | TXO Partners GP, LLC | |||||||||||||
| its general partner | ||||||||||||||
| Dated: November 7, 2023 | By: | /s/ Brent W. Clum | ||||||||||||
| Name: | Brent W. Clum | |||||||||||||
| Title: | President of Business Operations and Chief Financial Officer | |||||||||||||
|
PRESS RELEASE
Contact Information:
TXO Partners
Brent W. Clum
President, Business Operations & CFO
817.334.7800
Release Date:
November 7, 2023
TXO PARTNERS DECLARES A THIRD QUARTER 2023 DISTRIBUTION OF $0.52 ON COMMON UNITS; FILES QUARTERLY REPORT ON FORM 10-Q
[Fort Worth, TX, November 2023]—TXO Partners, L.P. (NYSE: TXO) announced today that the Board of Directors of its general partner declared a distribution of $0.52 per common unit for the quarter ended September 30, 2023. The quarterly distribution will be paid on November 27, 2023, to eligible unitholders of record as of the close of trading on November 17, 2023.
“With the ongoing challenges in the world, we are proud to offer a secure asset base and a confident business strategy for our owners,” stated Bob R. Simpson, Chairman and CEO. “Given the positive back-drop of commodity pricing, we foresee our current $2 per unit yearly distribution expectation moving higher in 2024.”
“Our financial focus is straightforward. We strive to generate cash flow through efficient operations that provide substantial distributions and propel value creation,” further commented, President of Business Operations and CFO, Brent Clum. “Our team added modestly to our operations during the quarter which gives further support for out years.”
“Beginning in August, shut-in time at our plant in the Vacuum Field affected production. We expect facility repairs and upgrades to continue into the fourth quarter as we expand for our future,” also stated Keith A. Hutton, President of Production and Development. “Our legacy reservoirs, particularly the Vacuum Field, are rich with reserves that our team is focused on developing over the long term. This means investment in our facilities and recovery techniques.”
Quarterly Report on Form 10-Q
TXO’s financial statements and related footnotes will be available in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, which TXO will file with the Securities and Exchange Commission (SEC) today. The 10-Q will be available on TXO’s Investor Relations
website at www.txopartners.com/investors or on the SEC’s website at www.sec.gov.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulations Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of TXO’s distribution to foreign unitholders as being attributable to income that is effectively connected with a United States trade or business. Accordingly, TXO’s distributions to foreign unitholders are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulations Section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not TXO, are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign unitholders.
About TXO Partners, L.P.
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 and the San Juan Basin of New Mexico and Colorado.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “budget” and similar expressions, although not all forward-looking statements contain such identifying words. These forward-looking statements include our 2023 and 2024 distribution outlook, our ability to increase oil production and reserves, our ability to execute our strategy, the timing of completion of plant repairs and upgrades and the impacts of future commodity price changes. 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, and it is possible that the results described in this press release will not be
achieved. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, including, without limitation, the following: our ability to meet distribution expectations and projections; the volatility of oil, natural gas and NGL prices; our ability to safely and efficiently operate TXO’s assets; uncertainties about our estimated oil, natural gas and NGL reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; and the risks and other factors disclosed in TXO’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, TXO does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for TXO to predict all such factors.