TXO Energy Partners LP 的 IPO 于 1 月 30 日开局强劲，早盘交易价格较其每普通单位 20 美元的初始公开定价上涨了 10%。

截至中部时间上午 11 点，TXO在纽约证券交易所的交易价格约为 22 美元/单位。此次 IPO 可以作为其他正在考虑或已经提交初步 IPO 意向的石油和天然气公司（例如Barnett Shale 的 BKV Corp ）的测试案例。

TXO Energy 以前称为 MorningStar Partners LP，是一家总部位于德克萨斯州沃思堡的 MLP。根据其 S-1 文件，该 E&P 的业务包括二叠纪和圣胡安盆地的常规地层生产资产，以及科罗拉多州的 CO _2资产。与传统方式不同的是，圣胡安曼科斯页岩具有上升潜力。

如果这个名字听起来与埃克森美孚子公司 XTO Energy 相似，那么这并不完全是巧合。新的 MLP 由首席执行官 Bob Simpson 领导，他是一位拥有超过 45 年领先公司经验的行业资深人士。此前，辛普森创立了 Cross Timbers Oil（后来更名为 XTO Energy Inc.），并于 2010 年以 410 亿美元的价格出售给埃克森美孚公司（Exxon Mobil Corp.）。 

根据 1 月 26 日的监管文件，截至 2021 年 12 月 31 日，TXO Energy Partners 的资产包括约 370,000 净租赁权和矿产英亩，主要位于二叠纪和圣胡安盆地。当时，该公司的估计探明总储量约为 130 MMboe，其中约 37% 为石油，约 82% 已探明已开发储量（均按桶当量计算）。

2022年前9个月，XTO平均日产量约为23,265桶油当量，其中约70%来自公司运营的资产。

XTO 初步披露将于 1 月中旬提交IPO。1月26日，TXO Energy表示，其向公众发行的500万股普通股的IPO定价为每股20美元。

TXO 还授予承销商以相同价格（减去承销折扣广告佣金）购买最多 750,000 个额外普通单位的选择权。此次发行预计将于 1 月 31 日结束，具体取决于惯例成交条件。

在招股说明书中，TXO 计划维持持平至低增长的产量状况。该公司的战略包括通过收购和钻探来替代枯竭的油藏。公司收购的资金来源包括银行借款、合作伙伴现金和经营活动现金流。该公司2022年的开发预算为3000万美元。2023 年，XTO 计划支出 30 美元。

TXO 最初预计，扣除承销折扣和佣金，并排除承销商购买额外普通单位的选择权后，此次 IPO 的净收益约为 8800 万美元。

TXO 打算使用所得款项净额偿还其循环信贷安排下的部分未偿金额。

发行结束后，公众将拥有 TXO 约 17% 的有限合伙人权益，如果承销商全额行使购买额外普通单位的选择权，则公众将拥有约 83% 的有限合伙人权益。

Raymond James、Stifel、Janney Montgomery Scott 和第一资本证券 (Capital One Securities) 担任本次发行的联席账簿管理人。

Baker Botts LLP 在此次发行中代表承销商。

TXO Energy Partners LP’s IPO got off to a strong start Jan. 30, with early morning trading up 10% over its initial public pricing of $20 per common unit.

As of 11 a.m. CST, TXO was trading at roughly $22/ unit on the NYSE. The IPO could serve as a test case for other oil and gas companies that are contemplating or have already filed preliminary IPO intentions, such as the Barnett Shale’s BKV Corp.

Formerly known as MorningStar Partners LP, TXO Energy is an MLP based in Fort Worth, Texas. The E&P’s operations are in conventional-formation producing assets in the Permian and San Juan basins, plus CO₂ property in Colorado, according to its S-1 filing. In unconventional, it has upside potential in the Mancos Shale in the San Juan.

If the name sounds similar to Exxon Mobil subsidiary XTO Energy, it’s not exactly a coincidence. The new MLP is led by CEO Bob Simpson, an industry veteran with more than 45 year leading companies. Previously, Simpson founded Cross Timbers Oil, later named XTO Energy Inc., which in 2010 sold to Exxon Mobil Corp. for $41 billion. 

As of Dec. 31, 2021, TXO Energy Partners’ assets consisted of approximately 370,000 net leasehold and mineral acres, primarily in the Permian and San Juan basins, according to Jan. 26 regulatory filings. At the time, the company’s total estimated proved reserves were approximately 130 MMboe, of which approximately 37% were oil and approximately 82% were proved developed, both on a boe basis.

In the first nine months of 2022, XTO produced an average of approximately 23,265 boe/d, approximately 70% of which came from assets operated by the company.

XTO made its preliminary disclosure to file an offering in mid-January. On Jan. 26, TXO Energy said priced its IPO of 5 million common units to the public at $20 each.

TXO also granted its underwriters an option to purchase up to 750,000 additional common units at the same price, less underwriting discounts ad commission. The offering is expected to close on Jan. 31, subject to customary closing conditions.

In its prospectus, TXO plans to maintain a flat-to-low growth production profile. The company’s strategy includes replacing depleted reservoirs through acquisitions and drilling. The company’s funding sources for our acquisitions have included proceeds from bank borrowings, cash from partners and cash flow from operating activities. The company’s development budget in 2022 was $30 million. For 2023, XTO plans to spend $30.

TXO initially expected net proceeds of approximately $88 million from the IPO, 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.

Baker Botts LLP represented the underwriters in the offering.