TXO Partners Declares a Second Quarter 2023 Distribution of $.48 on Common Units; Files Quarterly Report on Form 10-Q
August 08 2023 - 4:19PM
Business Wire
TXO Partners, L.P. (NYSE: TXO) announced today that the Board of
Directors of its general partner declared TXO’s second quarter
distribution of $0.48 per common unit for quarter ended June 30,
2023. The quarterly distribution will be paid on August 25, 2023,
to eligible unitholders of record as of the close of trading on
August 18, 2023.
“The strength of TXO Partners is defined by our legacy producing
properties and our focus on distributions to our partners,” stated
Bob R. Simpson, Chairman and CEO. “With the supportive back-drop of
commodity pricing, we continue to expect at least $2 per unit of
distributions for the full year.”
President of Business Operations and CFO, Brent Clum, further
commented, “Our stated strategy to deliver distributions while
creating future value served us well in the second quarter. Our
team added ownership in the prolific Vacuum Field operations as we
expanded our infield development. The net result is cash flow for
today with more oil production and reserves for tomorrow.”
Keith A. Hutton, President of Production and Development, also
offers his insight: “With our technical focus on oil projects, we
accelerated spending in the first half of 2023 with the goal of
advancing production results in the back half of the year. Our goal
will always be dynamic management of our activities for long-term
confidence.”
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, 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.
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 distribution outlook, our ability to increase oil
production and reserves, our ability to execute our strategy 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/20230808094437/en/
TXO Partners Brent W. Clum President, Business Operations &
CFO 817.334.7800 ir@txopartners.com
TXO Partners (NYSE:TXO)
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