TXO Partners (TXO) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 rose 57% year-over-year to $89.9M, driven by Williston Basin acquisitions and higher natural gas prices, offset by lower oil prices and increased expenses.

• Net loss for Q2 2025 was $0.1M, compared to net income of $2.8M in Q2 2024, due to higher DD&A, G&A, and interest expenses.

• Completed the $338.6M White Rock Energy acquisition in July 2025, funded by a public offering and expanded credit facility.

• Declared a Q2 2025 cash distribution of $0.45 per unit, payable August 22, 2025.

Financial highlights

• Q2 2025 total revenues: $89.9M (Q2 2024: $57.3M); six months ended June 30, 2025: $174.2M (2024: $124.7M).

• Q2 2025 net loss: $0.1M; six months net income: $2.3M (2024: $13.1M).

• Adjusted EBITDAX for Q2 2025: $27.5M; cash available for distribution: $18.8M.

• Operating cash flow for six months: $57.5M; capital expenditures including acquisitions: $49.6M.

• Q2 2025 production: 2,367 MBoe (Q2 2024: 1,960 MBoe); average oil price (ex-derivatives): $61.44/Bbl.

Outlook and guidance

• Management expects continued commodity price volatility and inflationary pressures on costs.

• 2025 capital budget for drilling, completion, and facilities: ~$65M.

• Anticipates funding distributions, debt obligations, and capital programs from operating cash flow and credit facility.