Fort Worth Inc.
TXO Energy Partners, L.P., the oil and gas company founded by chairman and CEO Bob Simpson, announced this week that it was undergoing another name change to TXO Partners, according to a press release.
TXO will begin trading under the name TXO Partners, L.P., effective May 19 but will continue to use the trading symbol “TXO.” Simpson and former XTO executives launched the company as MorningStar Partners in 2012.
The news coincided with the company declaring its first quarterly distribution of $0.50 per common unit for the quarter that ended March 31.
The quarterly distribution will be paid on May 30 to eligible unitholders of record as of the close of trading on May 22. In accordance with the terms of TXO’s partnership agreement, the amount of the distribution was prorated for the period from Jan. 31 —the closing date of TXO’s initial public offering — through March 31, based on the actual length of that period.
“We are proud of our successful initial public offering in January that launched TXO Partners as a new public company and want to thank our existing partners while welcoming new owners to our mission,” Simpson said in a statement. “Given our outlook for commodities and our prolific producing properties, we anticipate a full-year distribution of more than $2 per unit with production growth greater than 2% for 2023.”
TXO’s Investor Relations website at www.txopartners.com/investors or on the SEC’s website at www.sec.gov.
“Our unique strategy as a production and distribution enterprise is to maximize economic returns for the investor today, while managing our assets with a long-term vision,” said Brent Clum, TXO president of business operations and CFO. “We believe our legacy assets provide operational confidence, and our stewardship as experienced owners drives financial discipline. We believe we can grow production and expand our resource base as well as providing, securing, and distributing real cash returns for our owners.”
Simpson sold Fort Worth-based XTO Energy, one of the nation's leading independent oil and gas producers, to Exxon Mobil Corp. for $31 billion in 2010. In 2011, MorningStar acquired the former Star-Telegram building at Seventh and Taylor.