Filing Flows › Energy › TXO Partners, L.P. (TXO)
TXO Partners, L.P. (TXO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · TXO Partners, L.P. (TXO) Q3 2026 earnings results →
Q3 2026 Revenue down 45% year over year to $55.1M · 58¢ of every $1 of revenue lost · operating margin -70.1%
TXO Partners, L.P. made $55.1M in Q3 2026 (-45% Y/Y): Oil and Condensate $29.8M, Natural Gas Reserves $15.0M, Natural Gas Liquids Reserves $10.2M. Operating margin -70.1%, net loss $32.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $55.1M in Q3 2026, down 45% year over year and down 63% from the previous quarter. Oil and Condensate was the largest line at 54% of revenue. Oil and Condensate lost $36.5M year over year (down 55%), 80% of the total change.
Operating costs exceeded revenue by $38.6M, an operating margin of -70.1%. Total costs fell 4% while revenue fell 45%. The quarter ended with a net loss of $32.1M, after a profit of $60.8M the previous quarter. Non-operating items added $6.5M, -20% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $33.7M (up 19% year over year). Non-cash charges added back $24.2M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items added $38.5M. Capital expenditures of $39.0M exceeded it, leaving free cash flow of −$5.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $55.1M | -45% | -70.1% | −$32.1M | $33.7M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $151M | +68% | 38.2% | $60.8M | $49.1M |
| Q1 2026 | 10-Q | May 4, 2026 | $28.3M | -66% | -274.3% | −$74.3M | $33.4M |
| Q4 2025 | 10-K | Feb 26, 2026 | $126M | +41% | -21.5% | −$28.3M | $32.5M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $101M | +47% | 3.7% | $4.4M | $28.3M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $89.9M | +57% | -4.1% | −$135K | $26.9M |
| Q1 2025 | 10-Q | May 1, 2025 | $84.3M | +25% | -4.2% | $2.4M | $30.6M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About TXO Partners, L.P.
TXO Partners, L.P. (TXO Partners or the Partnership) is an independent oil and gas company that was formed as a Delaware limited partnership in January 2012 (with an effective inception of operations at January 18, 2012). The operations of TXO Partners are governed by the provisions of the partnership agreement, as amended, executed by the general partner, TXO Partners GP, LLC (the General Partner) and the limited partners. The General Partner is the manager and operator of TXO Partners. The General Partner is managed by the board of directors and executive officers of our General Partner. The members of the board of directors of our General Partner are appointed by MorningStar Oil & Gas, LLC (“MSOG”), as the sole member of our General Partner. TXO Partners will remain in existence unless and until dissolved in accordance with the terms of the partnership agreement.
In its own words, from its 10-Q, filed Nov 4, 2025.
TXO Partners, L.P. against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -45% against the peers' median +46%. Operating margin: -70.1% against the peers' median 19.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TXO TXO Partners, L.P. | Q3 2026 | $55.1M | -45% | -70.1% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: TXO Partners, L.P. 10-Q on SEC EDGAR · CIK 1559432 · Crude Petroleum & Natural Gas
Guidance and outlook
13F: who owns TXO and who is buying
More on TXO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results