TXO Energy logo (Courtesy TXO)

FORT WORTH, Texas–(BUSINESS WIRE)–MorningStar Partners, L.P., which will be renamed “TXO Energy Partners, L.P.” (“TXO”), announced today the pricing of its initial public offering of 5,000,000 common units representing limited partner interests in TXO (the “common units”) at price to the public of $20.00 per common unit. TXO has granted the underwriters an option to purchase up to an additional 750,000 common units at the initial public offering price, less underwriting discounts and commissions. TXO’s common units are expected to begin trading on the New York Stock Exchange under the ticker symbol “TXO.” The offering is expected to close on January 31, 2023, subject to customary closing conditions.

TXO expects to receive net proceeds of approximately $88.0 million, after deducting underwriting discounts and commissions and excluding any exercise of the underwriters’ option to purchase additional common units. TXO intends to use the net proceeds to repay a portion of the amounts outstanding under its revolving credit facility.

Upon the closing of the offering, the public will own an approximate 17% limited partner interest in TXO, or an approximate 83% limited partner interest if the underwriters exercise, in full, their option to purchase additional common units.

Raymond James, Stifel, Janney Montgomery Scott and Capital One Securities are acting as joint book-running managers for the offering. The offering of these securities is being made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. When available, a copy of the final prospectus may be obtained from any of the following sources:

Raymond James & Associates, Inc.Attention: Syndicate880 Carillon ParkwaySt. Petersburg, Florida 33716Telephone: (800) 248-8863Email: prospectus@raymondjames.comStifel, Nicolaus & Company, IncorporatedAttention: Syndicate DepartmentOne South Street, 15th FloorBaltimore, MD 21202Telephone: (443) 224-1988Email: Syndprospectus@stifel.com
 Janney Montgomery Scott LLCAttention: Equity Capital Markets Group60 State StreetBoston, MA 02109Telephone: 617-557-2971Email: prospectus@janney.com Capital One Securities, Inc.Attention: ECM Syndicate Operations201 St. Charles Avenue, Suite 1830New Orleans, LA 70170Telephone: 800-666-9174Email: cos-operations@capitalone.com

Important Information

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”) on January 26, 2023. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About TXO Energy Partners, L.P.

TXO Energy Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO’s current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.

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