In 2025, TXO Partners, L.P. achieved a 41.8% increase in revenue to $401 million, reflecting production growth from recent acquisitions and favorable commodity prices. Despite this top-line growth, operating income declined further into negative territory at -$30.6 million due to increased general & administrative expenses, depreciation, depletion and amortization, and higher interest costs. The company expanded its revolving credit facility’s borrowing base to $410 million with $264 million drawn as of September 30, 2025, maintaining liquidity headroom but facing a current ratio below 1. Operating cash flow remained strong at $118 million, supporting capital expenditures and distributions, though working capital remains negative. TXO’s future performance will hinge on commodity price trends and operational execution within its core basins.