TXO Partners Declares a Third Quarter 2023 Distribution of $0.52 on Common Units; Files Quarterly Report on Form 10-Q
November 07 2023 - 4:05PM
Business Wire
TXO Partners, L.P. (NYSE: TXO) announced today that the Board of
Directors of its general partner declared a distribution of $0.52
per common unit for the quarter ended September 30, 2023. The
quarterly distribution will be paid on November 27, 2023, to
eligible unitholders of record as of the close of trading on
November 17, 2023.
“With the ongoing challenges in the world, we are proud to offer
a secure asset base and a confident business strategy for our
owners,” stated Bob R. Simpson, Chairman and CEO. “Given the
positive back-drop of commodity pricing, we foresee our current $2
per unit yearly distribution expectation moving higher in
2024.”
“Our financial focus is straightforward. We strive to generate
cash flow through efficient operations that provide substantial
distributions and propel value creation,” further commented,
President of Business Operations and CFO, Brent Clum. “Our team
added modestly to our operations during the quarter which gives
further support for out years.”
“Beginning in August, shut-in time at our plant in the Vacuum
Field affected production. We expect facility repairs and upgrades
to continue into the fourth quarter as we expand for our future,”
also stated Keith A. Hutton, President of Production and
Development. “Our legacy reservoirs, particularly the Vacuum Field,
are rich with reserves that our team is focused on developing over
the long term. This means investment in our facilities and recovery
techniques.”
Quarterly Report on Form 10-Q
TXO's financial statements and related footnotes will be
available in the Quarterly Report on Form 10-Q for the quarter
ended September 30, 2023, which TXO will file with the Securities
and Exchange Commission (SEC) today. The 10-Q will be available on
TXO's Investor Relations website at www.txopartners.com/investors
or on the SEC's website at www.sec.gov.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under
Treasury Regulations Section 1.1446-4(b). Brokers and nominees
should treat one hundred percent (100%) of TXO’s distribution to
foreign unitholders as being attributable to income that is
effectively connected with a United States trade or business.
Accordingly, TXO’s distributions to foreign unitholders are subject
to federal income tax withholding at the highest applicable
effective tax rate. For purposes of Treasury Regulations Section
1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one
hundred percent (100%) of the distributions as being in excess of
cumulative net income for purposes of determining the amount to
withhold. Nominees, and not TXO, are treated as withholding agents
responsible for any necessary withholding on amounts received by
them on behalf of foreign unitholders.
About TXO Partners, L.P.
TXO Partners, L.P. 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. TXO’s current acreage positions are concentrated in
the Permian Basin of West Texas and New Mexico and the San Juan
Basin of New Mexico and Colorado.
Cautionary Statement Concerning Forward-Looking
Statements
Certain statements contained in this press release constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include the words such as “may,” “assume,” “forecast,”
“could,” “should,” “will,” “plan,” “believe,” “anticipate,”
“intend,” “estimate,” “expect,” “project,” “budget” and similar
expressions, although not all forward-looking statements contain
such identifying words. These forward-looking statements include
our 2023 and 2024 distribution outlook, our ability to increase oil
production and reserves, our ability to execute our strategy, the
timing of completion of plant repairs and upgrades and the impacts
of future commodity price changes. These forward-looking statements
are based on management’s current belief, based on currently
available information, as to the outcome and timing of future
events at the time such statement was made, and it is possible that
the results described in this press release will not be achieved.
Our assumptions and future performance are subject to a wide range
of business risks, uncertainties and factors, including, without
limitation, the following: our ability to meet distribution
expectations and projections; the volatility of oil, natural gas
and NGL prices; our ability to safely and efficiently operate TXO’s
assets; uncertainties about our estimated oil, natural gas and NGL
reserves, including the impact of commodity price declines on the
economic producibility of such reserves, and in projecting future
rates of production; and the risks and other factors disclosed in
TXO’s filings with the SEC, including its Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, TXO does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for TXO to predict all such factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20231107799329/en/
TXO Partners Brent W. Clum President, Business Operations &
CFO 817.334.7800 ir@txoenergy.com
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