TXO Partners, L.P. Segments Disclosure
We have one reportable segment, our exploration and production of oil, natural gas and natural gas liquids segment (“E&P segment”). Our E&P segment derives revenues from customers by selling oil, natural gas and natural gas liquids under contracts of various terms and durations (See Note 13). The operating segments within the reportable segment have been aggregated based on the similarity of their economic and other characteristics, including product type and services. All of our assets are located in the United States, and all revenues are attributable to United States customers.
The Partnership's Chief Operating Decision Maker ("CODM") is a group of executives, including the Co-Chief Executive Officer and the Co-Chief Executive Officer and Chief Financial Officer. The CODM assesses performance for the E&P segment and decides how to allocate resources based on cash provided by operations which is also reported on the statement of cash flows as consolidated cash provided by operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.
The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the E&P segment or to pay distributions.
Selected financial information related to our one reportable segment is included below:
(in thousands) |
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
REVENUES |
|
|
|
|
|
|
|
|
|
|||
Oil and condensate |
|
$ |
283,192 |
|
|
$ |
198,324 |
|
|
$ |
182,733 |
|
Natural gas liquids |
|
|
32,121 |
|
|
|
29,430 |
|
|
|
29,193 |
|
Gas |
|
|
85,699 |
|
|
|
55,056 |
|
|
|
168,792 |
|
Total Revenues |
|
|
401,012 |
|
|
|
282,810 |
|
|
|
380,718 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|||
Production |
|
|
186,229 |
|
|
|
150,295 |
|
|
|
144,730 |
|
Exploration |
|
|
469 |
|
|
|
373 |
|
|
|
151 |
|
Taxes, transportation and other |
|
|
68,781 |
|
|
|
60,442 |
|
|
|
75,415 |
|
Depreciation, depletion, and amortization |
|
|
96,574 |
|
|
|
52,409 |
|
|
|
44,288 |
|
Impairment of long-lived assets |
|
|
42,425 |
|
|
|
— |
|
|
|
223,384 |
|
Accretion of discount in asset retirement obligation |
|
|
15,651 |
|
|
|
11,623 |
|
|
|
8,644 |
|
General and administrative |
|
|
21,464 |
|
|
|
14,529 |
|
|
|
7,887 |
|
Total Expenses |
|
|
431,593 |
|
|
|
289,671 |
|
|
|
504,499 |
|
OPERATING LOSS |
|
|
(30,581 |
) |
|
|
(6,861 |
) |
|
|
(123,781 |
) |
OTHER INCOME |
|
|
|
|
|
|
|
|
|
|||
Other income |
|
|
25,308 |
|
|
|
37,152 |
|
|
|
23,756 |
|
SEGMENT (LOSS) INCOME FROM OPERATIONS |
|
|
(5,273 |
) |
|
$ |
30,291 |
|
|
$ |
(100,025 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Reconciliation: |
|
|
|
|
|
|
|
|
|
|||
Interest income |
|
|
618 |
|
|
|
1,078 |
|
|
|
461 |
|
Interest expense |
|
|
(16,964 |
) |
|
|
(7,873 |
) |
|
|
(4,423 |
) |
Other Expense |
|
|
(16,346 |
) |
|
|
(6,795 |
) |
|
|
(3,962 |
) |
NET (LOSS) INCOME |
|
$ |
(21,619 |
) |
|
$ |
23,496 |
|
|
$ |
(103,987 |
) |
|
|
|
|
|
|
|
|
|
|
|||
CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
118,187 |
|
|
|
109,299 |
|
|
|
77,150 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.