Earnings

TXO Raises Distribution as Williston Investment Deepens

The Tip Desk · August 5, 2026 · 1 min read

The partnership plans operated wells with laterals of nearly 14,000 feet in 2026.

TXO Partners (TXO), an oil-and-gas partnership, raised its quarterly distribution 11% to $0.40 per common unit as rising production and a tighter focus on the Williston Basin shaped its second-quarter results.

The increase extended a two-quarter climb in payouts. The distribution rose from $0.36 in the first quarter and was 33% above the $0.30 paid for the fourth quarter of 2025.

Production also moved higher. Total output averaged 26,000 barrels of oil equivalent a day in the first half, compared with 22,500 for full-year 2024, while daily oil production increased 30% over the same comparison.

Williston production had already more than doubled to 11,500 barrels of oil equivalent a day in the fourth quarter of 2024 from 5,700 a year earlier. Oil accounted for 75% of output, roughly steady from 76%, while the liquids mix rose to 90% from 88%.

TXO completed its previously announced Cross Timbers asset sales during the quarter, clearing the way for greater investment in the Elm Coulee field. The disposition was expected to reduce long-term debt by $100 million, to $177.1 million from $277.1 million.

The partnership now expects the vast majority of its discretionary capital spending this year to go toward the Williston Basin. Its prior plan called for more than 80% of an approximately $70 million program to fund Williston development.

TXO increased its full-year development-cost outlook to about $80 million from approximately $70 million, a 14% rise. The longer operated wells planned for 2025, compared with an average lateral length of roughly 10,000 feet in the 2024 program, should improve capital efficiency and productivity.

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