Fort Worth Inc.
Fort Worth-based MorningStar Partners, L.P., which will be renamed “TXO Energy Partners, L.P.”, announced on Wednesday the launch of its initial public offering of 5,000,000 common units representing limited partner interests in TXO (the “common units”). TXO will also grant the underwriters an option to purchase up to an additional 750,000 common units at the initial public offering price, less underwriting discounts and commissions.
The initial public offering price is expected to be between $19 and $21 per common unit. The company said it had applied to list its common units on the New York Stock Exchange under the ticker symbol “TXO.”
TXO Energy Partners 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. Its current positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.
The company was founded by Bob Simpson after the sale of his XTO Energy to ExxonMobil for $41 billion in 2009.
The common units being offered to the public represent an approximate 17% limited partner interest in TXO, or an approximate 19% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.
Raymond James, Stifel, Janney Montgomery Scott and Capital One Securities are acting as joint book-running managers for the offering. The offering of these securities is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. When available, a copy of the preliminary prospectus may be obtained from any of the following sources:
Raymond James & Associates, Inc.
Attention: Syndicate
880 Carillon Parkway
St. Petersburg, Florida 33716
Telephone: (800) 248-8863
Email: [email protected]
Stifel, Nicolaus & Company, Incorporated
Attention: Syndicate Department
One South Street, 15th Floor
Baltimore, MD 21202
Telephone: (443) 224-1988
Email: [email protected]
Janney Montgomery Scott LLC
Attention: Equity Capital Markets Group
60 State Street
Boston, MA 02109
Telephone: 617-557-2971
Email: [email protected]
Capital One Securities, Inc.
Attention: ECM Syndicate Operations
201 St. Charles Avenue, Suite 1830
New Orleans, LA 70170
Telephone: 800-666-9174
Email: [email protected]