TXO Partners (TXO) Q1 2026 earnings summary

Executive summary

• Report covers the quarter ended March 31, 2026, with 55.2 million common units outstanding as of May 4, 2026.

• Focus on oil, natural gas, and NGL production in the Permian, San Juan, and Williston Basins.

• Significant asset sales (Cross Timbers Transactions) and integration of Williston Basin assets.

Financial highlights

• Total revenues fell 66% to $28.3 million from $84.3 million year-over-year, mainly due to $91.3 million in hedging losses.

• Net loss of $74.3 million, compared to net income of $2.4 million in Q1 2025.

• Adjusted EBITDAX was $44.1 million, up from $41.0 million year-over-year.

• Cash available for distribution was $29.2 million, nearly flat year-over-year.

• Cash provided by operating activities increased to $33.4 million from $30.6 million.

Outlook and guidance

• Expect to receive ~$100 million in net proceeds from Cross Timbers asset sales, with a portion to pay a $70 million deferred payment for the Williston acquisition due July 31, 2026.

• 2026 capital budget for drilling, completion, and facilities is ~$70 million.

• Management expects to fund distributions, debt obligations, and capital programs from operating cash flow and credit facility.