TXO Partners LP has agreed to sell substantially all assets owned by its Cross Timbers Energy LLC joint venture for about $200 million, a move the Fort Worth company says will simplify its portfolio and sharpen its focus on operated oil and gas assets in the Williston, San Juan, and Permian basins.
Cross Timbers Energy LLC, held 50% by TXO Partners LP, executed the purchase and sale agreements Mar. 10, 2026.
The deals include a purchase and sale agreement with CTOC Energy LLC for about $123.5 million in aggregate consideration, according to a Mar. 10 filing to the US Securities and Exchange Commission (SEC). CTOC is owned by certain family members of Bob R. Simpson, a member of the board of directors of the partnership and the chairman of the board.
In a February 2026 SEC filing, TXO Partners noted certain affiliates Exxon Mobil Corp. and XTO Energy Inc. collectively own the remaining 50% interest in Cross Timbers.
For the year ended Dec. 31, 2025, Cross Timbers represented about 18% of TXO Partners' revenues excluding the effects of commodity derivative contracts and about 18% of proved reserves, on a proportional ownership basis, with assets primarily in the Permian basin of Texas and New Mexico and the San Juan basin of New Mexico and Colorado.
In the February filing, TXO Partners said that as of Dec. 31, 2025, total assets held by TXO Partners consisted of 1,294,761 gross (641,865 net) leasehold and mineral acres primarily in the Permian basin, San Juan basin, and Williston basin. In 2025, TXO Partners produced an average of 28,268 boe/d, about 72% of which came from operated assets.
Through agreements with multiple buyers, TXO Partners expects to receive about $100 million of the total $200 million in sales if all deals are completed. The company plans to use a portion of the proceeds to pay the $70 million deferred payment for the 2025 purchase of assets from White Rock Energy LLC, due on July 31, 2026.
Last year, TXO agreed to acquire Elm Coulee field assets in the Williston basin of Montana and North Dakota from White Rock for $350 million.
The sales of Cross Timbers assets are expected to close in this year’s second quarter, subject to customary closing conditions.
About the Author
Mikaila Adams
Managing Editor, Content Strategist
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.