TXO Partners Declares a Second Quarter 2024 Distribution of $0.57 on Common Units; Files Quarterly Report on Form 10-Q
August 06 2024 - 4:11PM
Business Wire
TXO Partners, L.P. (NYSE: TXO) announced today that the Board of
Directors of its general partner declared a distribution of $0.57
per common unit for the quarter ended June 30, 2024. The quarterly
distribution will be paid on August 27, 2024, to eligible
unitholders of record as of the close of trading on August 20,
2024.
“Our financial focus for the unit holders is stewardship of
capital—in our allocation to producing assets, in our strong
balance sheet, and critically, in our distribution of cash flow,”
stated Bob R. Simpson, Chairman and CEO. “As our investors enjoy
quarterly cash returns, we will focus on accretive value creation.
For the second quarter of 2024, we are proud to announce $.57 per
unit will be delivered to our investors.”
“Our re-entry into the Greater Williston Basin affirms our
successful strategy of allocating capital with our production and
distribution model,” further commented President of Business
Operations and CFO, Brent Clum. “We remain on track to close our
transactions by the end of August and look forward to the fourth
quarter for the full impact on our production and cash flows.”
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 June 30, 2024, 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 ability to manage our cashflow, our ability to execute our
strategy, the timing, amount and area of focus of future
investments in our assets, our ability to close the pending asset
acquisition and the impact of such acquisition on our operating and
financial results, 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; our ability
to integrate the acquired assets and realize the benefits of the
acquisition; 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/20240806727118/en/
TXO Partners Brent W. Clum President, Business Operations &
CFO 817.334.7800 ir@txopartners.com
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