Latest news with #GaryD.Simpson
Business Wire
22-05-2025
- Business
- Business Wire
TXO Partners Announces Dual Listing on NYSE Texas
FORT WORTH, Texas--(BUSINESS WIRE)--TXO Partners, L.P. (NYSE: TXO) ('TXO') announced today a dual listing of its common units on NYSE Texas Inc. ('NYSE Texas'), the newly launched, fully electronic equities exchange headquartered in Dallas, TX. TXO will maintain its primary listing on the New York Stock Exchange (the 'NYSE') and will trade under the same ticker symbol, 'TXO,' on NYSE Texas. 'The founders of TXO have a relationship with the NYSE dating back to 1980, with six listed companies over the last forty-five years,' stated Gary D. Simpson, Co-Chief Executive Officer. 'This new venture is a bold initiative for the exchange and TXO Partners in our home state.' Brent W. Clum, Co-Chief Executive Officer and Chief Financial Officer, commented, 'We are excited to support the launch of the NYSE Texas as a Founding Member. Fort Worth-based TXO Partners is Texas proud as a unique production and distribution company within the energy sector.' 'We are pleased to welcome and list TXO Partners as Founding Members of NYSE Texas,' said Chris Taylor, Chief Development Officer, NYSE Group. 'As pioneers in the energy space, this listing cements both TXO's and NYSE's support for the innovation in capital markets across Texas and we thank Gary, Brent and the TXO team for their continued support of our world-class offerings.' 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, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release may 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 'possible,' 'if,' 'will,' 'expect,' 'project,' 'budget,' and similar expressions, although not all forward-looking statements contain such identifying words. These forward-looking statements represent TXO's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved, and they are subject to risks, uncertainties and other factors, many of which are outside of TXO's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Yahoo
14-05-2025
- Business
- Yahoo
TXO Partners, L.P., Announces Entry Into Definitive Agreement for Additional Elm Coulee Properties
FORT WORTH, Texas, May 13, 2025--(BUSINESS WIRE)--TXO Partners, L.P. (NYSE: TXO) ("TXO") announced today that it has entered into a purchase agreement with White Rock Energy, LLC ("White Rock"), a portfolio company of Quantum Capital Group, to purchase producing assets in the Elm Coulee field in the Williston Basin of Montana and North Dakota. The total cash consideration by TXO will be approximately $350 million, subject to customary purchase price adjustments. Of this purchase price, $70 million will be deferred and payable one year after the initial closing. The agreement was signed in partnership with North Hudson Resource Partners LP ("North Hudson"), whose affiliates will acquire a 30% non-operated interest in the White Rock assets. Together with the interests to be acquired by North Hudson, the total consideration for the acquisition of White Rock's Elm Coulee properties is $475 million based on a May 1, 2025, effective date. "This transaction is the perfect complement to our initial acquisition in the prolific Elm Coulee field of Montana last year," commented Brent Clum, Co-Chief Executive Officer. "Importantly, the strong well economics and our development plan, even with the lower oil prices, provide a pathway for healthy economic returns. We remain focused on the long-term value creation and distribution strategy for our owners with a disciplined allocation of our capital. These Williston Basin properties deliver growth, compelling margins and long-term visibility." "With this acquisition, TXO will become a leading oil producer in the Elm Coulee field, and for all the right reasons," stated Gary D. Simpson, Co-Chief Executive Officer. "The Elm Coulee field's rich resource base of an estimated 4 billion barrels of oil in place presents a significant target. The producing wells reflect top-notch margins across the oil industry. The horizontal drilling and completion techniques continue to enhance overall reservoir recovery. With more than 190,000 combined productive acres, we will be focused and diligent in delivering long-term production with a low-decline profile. Overall, this is great rock for a great future with TXO." This transaction is expected to close in the third quarter of 2025, subject to satisfaction of customary closing conditions. If consummated, the transaction is expected to add approximately 6,800 daily barrels of oil equivalent production (~93% liquids) to TXO and Proved Developed reserves of approximately 25,000 Mboe, as of April 30, 2025, as determined by Cawley, Gillespie & Associates, using SEC pricing. TXO's counsel in connection with the acquisition and partnership with North Hudson is Kelly Hart & Hallman, LLP and Latham & Watkins LLP, respectively. North Hudson's counsel on this transaction is Gibson, Dunn & Crutcher LLP. Jefferies LLC served as financial advisor to White Rock and Vinson & Elkins LLP served as legal counsel to White Rock. 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, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota. About North Hudson North Hudson Resource Partners LP is a Houston-based energy investment firm focused on opportunistic upstream and midstream energy investments in North America. With over $1.4 billion of assets under management as of May 2025, North Hudson's private equity platforms own both non-operated and operated oil and gas assets. Its current portfolio includes interests in the Permian Basin, DJ Basin, San Juan Basin, Williston Basin, Haynesville Shale, Utica Shale, and Canada. About White Rock Founded in 2012, White Rock is an upstream energy operator who has acquired over $750 million in U.S. oil and gas assets with over a billion total capital deployed. White Rock's objective has been to build a sustainable, best-in-class business model through technical competency and multi-basin experience. About Quantum Capital Group Founded in 1998, Quantum is a leading provider of private capital to the global energy and energy transition industry, having managed together with its affiliates more than $30 billion in equity commitments since inception. For more information on Quantum, please visit 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 statements regarding the pending acquisition including our ability to satisfy the conditions to closing and the expected timing and benefits of the acquisition, our financing of the acquisition, our strategy, descriptions of future operations, prospects, plans and objectives of management, future cash flow and distributions and our ability to execute our strategy. 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 consummate the proposed acquisition on the terms currently contemplated; our ability to obtain financing for the transaction on terms that are satisfactory to us; 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. View source version on Contacts TXO PartnersBrent W. ClumCo-CEO and CFO817.334.7800ir@ Sign in to access your portfolio
Business Wire
13-05-2025
- Business
- Business Wire
TXO Partners, L.P., Announces Entry Into Definitive Agreement for Additional Elm Coulee Properties
FORT WORTH, Texas--(BUSINESS WIRE)--TXO Partners, L.P. (NYSE: TXO) ('TXO') announced today that it has entered into a purchase agreement with White Rock Energy, LLC ('White Rock'), a portfolio company of Quantum Capital Group, to purchase producing assets in the Elm Coulee field in the Williston Basin of Montana and North Dakota. The total cash consideration by TXO will be approximately $350 million, subject to customary purchase price adjustments. Of this purchase price, $70 million will be deferred and payable one year after the initial closing. The agreement was signed in partnership with North Hudson Resource Partners LP ('North Hudson'), whose affiliates will acquire a 30% non-operated interest in the White Rock assets. Together with the interests to be acquired by North Hudson, the total consideration for the acquisition of White Rock's Elm Coulee properties is $475 million based on a May 1, 2025, effective date. 'This transaction is the perfect complement to our initial acquisition in the prolific Elm Coulee field of Montana last year,' commented Brent Clum, Co-Chief Executive Officer. 'Importantly, the strong well economics and our development plan, even with the lower oil prices, provide a pathway for healthy economic returns. We remain focused on the long-term value creation and distribution strategy for our owners with a disciplined allocation of our capital. These Williston Basin properties deliver growth, compelling margins and long-term visibility.' 'With this acquisition, TXO will become a leading oil producer in the Elm Coulee field, and for all the right reasons,' stated Gary D. Simpson, Co-Chief Executive Officer. 'The Elm Coulee field's rich resource base of an estimated 4 billion barrels of oil in place presents a significant target. The producing wells reflect top-notch margins across the oil industry. The horizontal drilling and completion techniques continue to enhance overall reservoir recovery. With more than 190,000 combined productive acres, we will be focused and diligent in delivering long-term production with a low-decline profile. Overall, this is great rock for a great future with TXO.' This transaction is expected to close in the third quarter of 2025, subject to satisfaction of customary closing conditions. If consummated, the transaction is expected to add approximately 6,800 daily barrels of oil equivalent production (~93% liquids) to TXO and Proved Developed reserves of approximately 25,000 Mboe, as of April 30, 2025, as determined by Cawley, Gillespie & Associates, using SEC pricing. TXO's counsel in connection with the acquisition and partnership with North Hudson is Kelly Hart & Hallman, LLP and Latham & Watkins LLP, respectively. North Hudson's counsel on this transaction is Gibson, Dunn & Crutcher LLP. Jefferies LLC served as financial advisor to White Rock and Vinson & Elkins LLP served as legal counsel to White Rock. 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, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota. About North Hudson North Hudson Resource Partners LP is a Houston-based energy investment firm focused on opportunistic upstream and midstream energy investments in North America. With over $1.4 billion of assets under management as of May 2025, North Hudson's private equity platforms own both non-operated and operated oil and gas assets. Its current portfolio includes interests in the Permian Basin, DJ Basin, San Juan Basin, Williston Basin, Haynesville Shale, Utica Shale, and Canada. About White Rock Founded in 2012, White Rock is an upstream energy operator who has acquired over $750 million in U.S. oil and gas assets with over a billion total capital deployed. White Rock's objective has been to build a sustainable, best-in-class business model through technical competency and multi-basin experience. About Quantum Capital Group Founded in 1998, Quantum is a leading provider of private capital to the global energy and energy transition industry, having managed together with its affiliates more than $30 billion in equity commitments since inception. For more information on Quantum, please visit 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 statements regarding the pending acquisition including our ability to satisfy the conditions to closing and the expected timing and benefits of the acquisition, our financing of the acquisition, our strategy, descriptions of future operations, prospects, plans and objectives of management, future cash flow and distributions and our ability to execute our strategy. 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 consummate the proposed acquisition on the terms currently contemplated; our ability to obtain financing for the transaction on terms that are satisfactory to us; 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.
Associated Press
19-03-2025
- Business
- Associated Press
TXO Partners Announces Leadership Changes: Gary D. Simpson and Brent W. Clum Promoted to Co-Chief Executive Officers and Bob R. Simpson to Remain Chairman of the Board of Directors
FORT WORTH, Texas--(BUSINESS WIRE)--Mar 19, 2025-- TXO Partners, L.P. (NYSE: TXO) (the 'Company') announced today that Bob R. Simpson will retire from the office of Chief Executive Officer of the Company's general partner (the 'General Partner'), effective April 1, 2025. He will maintain his position as Chairman of the Board of Directors, ensuring continuity and strategic oversight. In conjunction with Mr. B. Simpson's retirement, Gary D. Simpson and Brent W. Clum will both be promoted to serve as Co-Chief Executive Officers. Additionally, effective April 1, 2025, Gary D. Simpson will join the Board of Directors of the General Partner. Mr. G. Simpson, who currently serves as President of Production and Development, will maintain his existing responsibilities. Mr. Clum, who currently serves as President of Business Operations, Chief Financial Officer, and Director of the General Partner, will also continue in these roles alongside his new appointment. The transition will take effect on April 1, 2025. 'I am proud of our success at TXO Partners, and my intent is to continue providing leadership from this key position on the Board. Importantly, our management team and ownership are supportive of this timely transition,' stated Bob R. Simpson. 'With his promotion, Gary brings decades of experience and a comprehensive skill set to the CEO office. Furthermore, Brent's wisdom, dedication and in-depth perspective fortify the executive position. Based on our years of work together, we believe these two men possess a seasoned knowledge of how to create value for our holders. Their energy, tenacity and vision will inspire our journey ahead for TXO.' 'No doubt, Bob is a legend within the energy industry. Over a remarkable career of fifty years, his entrepreneurial spirit, financial stewardship and dogged endurance have forged his all-around success. We have been blessed to learn from him along the way. I am honored to partner with Brent to take the reins of CEO going forward,' said Gary D. Simpson. 'We will maintain true to our mission as a production and distribution company. For our investors, the talented team at TXO is ready, willing and able to carry the legacy of success onwards.' 'Bob is not only a visionary, he is a great leader, a generous mentor and a trusted friend,' continued Brent W. Clum. 'I am proud of what we have built through our partnership and stewardship and am determined to extend this legacy, with Gary, of building a powerful business where our investors and our employees are rewarded. Our success at TXO Partners is just beginning.' 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, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota. 817.334.7800 SOURCE: TXO Partners, L.P. Copyright Business Wire 2025. PUB: 03/19/2025 05:52 PM/DISC: 03/19/2025 05:51 PM
