Fort Worth Inc.
Bob Simpson will retire as CEO of TXO Partners' managing entity, effective April 1, the company announced on Wednesday.
Bob Simpson
He will stay on as chairman of the board of directors.
Gary D. Simpson and Brent W. Clum will be promoted to serve as co-CEOs. Gary Simpson will join the board of directors of the general partner. Gary Simpson, who serves as president of production and development, will maintain his existing responsibilities.
Clum will continue in his roles as president of business operations/CFO/director of the general partner.
“I am proud of our success at TXO Partners, and my intent is to continue providing leadership from this key position on the board. Importantly, our management team and ownership are supportive of this timely transition,” said Bob Simpson in a statement.
“With his promotion, Gary brings decades of experience and a comprehensive skill set to the CEO office. Furthermore, Brent’s wisdom, dedication and in-depth perspective fortify the executive position. Based on our years of work together, we believe these two men possess a seasoned knowledge of how to create value for our holders. Their energy, tenacity and vision will inspire our journey ahead for TXO.”
Bob Simpson, a part-owner of Major League Baseball's Texas Rangers and a longtime investor in Fort Worth’s architectural landmarks and educational institutions, founded the company as MorningStar Partners following the $41 billion sale of his XTO Energy to ExxonMobil in 2009. The company was rebranded in 2023 to TXO Energy Partners and again to TXO Partners.
Its acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, and the San Juan Basin of New Mexico and Colorado.
Gary Simpson, the nephew of Bob Simpson, has served as senior vice president of the general partner since January 2023. Simpson has been a consultant at the partnership since its founding in 2012. Prior to joining the partnership, Simpson served as senior vice president of investor relations and finance and board member at XTO Energy Inc. before its acquisition by ExxonMobil Corporation in 2010.
Simpson’s prior company affiliations include XTO Energy Inc., Simpson Oil & Land Company, Arco International Oil & Gas, Inc., and ExxonMobil Corporation.
Gary Simpson received a bachelor’s in petroleum engineering from Texas A&M University in 1985 and a master’s from the American Film Institute in 1996.
“No doubt, Bob is a legend within the energy industry,” Gary Simpson said. “Over a remarkable career of 50 years, his entrepreneurial spirit, financial stewardship and dogged endurance have forged his all-around success. We have been blessed to learn from him along the way. I am honored to partner with Brent to take the reins of CEO going forward. We will maintain true to our mission as a production and distribution company. For our investors, the talented team at TXO is ready, willing and able to carry the legacy of success onwards.”
Clum has served as CFO since the founding of MorningStar in 2012. He has also served as director of MorningStar since October 2012. Clum served as CFO and director of Southland from 2015-20.
Since August 2010, he has served as chairman of the Finance and Audit Committee of Rangers Baseball Express. He served as senior vice president and treasurer of XTO until the Exxon acquisition.
Before joining XTO, Clum worked as a portfolio manager at Luther King Capital Management in Fort Worth, served as a managing director at Invesco and was an analyst for T. Rowe Price and Associates.
Clum graduated from Baylor University with a BBA in finance, accounting, and marketing, as well as the Harvard Graduate School of Business with an MBA. He is a CPA and a chartered financial analyst.
“Bob is not only a visionary, he is a great leader, a generous mentor, and a trusted friend,” Clum said. “I am proud of what we have built through our partnership and stewardship and am determined to extend this legacy, with Gary, of building a powerful business where our investors and our employees are rewarded. Our success at TXO Partners is just beginning.”