TXO Partners, L.P., a Fort Worth-based oil and gas partnership, announced that Cross Timbers Energy, LLC, a joint venture in which TXO holds a 50% interest, has entered into purchase and sale agreements with multiple private buyers to sell oil and gas properties for approximately $200 million in total consideration.
The assets being sold represent substantially all of the properties owned by Cross Timbers. TXO expects to receive about $100 million in net proceeds from the transactions, subject to customary purchase price adjustments.
The company plans to allocate a portion of the proceeds toward paying a $70 million deferred payment tied to its 2025 acquisition of assets from White Rock Energy, LLC. That payment is due on July 31, 2026.
Following completion of the asset sales, TXO said its operations will focus on several core producing regions, including the Williston Basin, the San Juan Basin, and the Vacuum and Parker fields located in the Permian Basin.
The transactions are expected to close during the second quarter of 2026, subject to customary closing conditions. The company noted there is no guarantee that all closing conditions will be satisfied or that all transactions will be completed.
Jefferies LLC is serving as the sole financial advisor on the transactions, while Kelly Hart & Hallman LLP is acting as legal advisor to Cross Timbers.
TXO Partners is a master limited partnership focused on acquiring, developing, and optimizing conventional oil, natural gas, and natural gas liquids reserves across North America. Its current acreage positions are concentrated in the Permian Basin in West Texas and New Mexico, the San Juan Basin in New Mexico and Colorado, and the Williston Basin in Montana and North Dakota.
