Segment Reporting

6 Months Ended

Jun. 30, 2025

We have one reportable segment, our exploration and production of oil, natural gas and natural gas liquids segment (“E&P segment”). Our E&P segment derives revenues from customers by selling oil, natural gas and natural gas liquids under contracts of various terms and durations (See Note 13). The operating segments within the reportable segment have been aggregated based on the similarity of their economic and other characteristics, including product type and services. All of our assets are located in the United States, and all revenues are attributable to United States customers.

The Partnership's Chief Operating Decision Maker ("CODM") is a group of executives, including the Co-Chief Executive Officers. The CODM assesses performance for the E&P segment and decides how to allocate resources based on cash provided by operations which is also reported on the statement of cash flows as consolidated cash provided by operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses net income to evaluate income generated from segment assets in deciding whether to reinvest profits into the E&P segment or to pay distributions.

Selected financial information related to our one reportable segment is included below:


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
REVENUES
Oil and condensate	$	59,054	$	42,799	$	124,049	$	80,833
Natural gas liquids	7,892		6,670		16,454		13,172
Gas	22,933		7,839		33,701		30,742
Total Revenues	89,879		57,308		174,204		124,747
EXPENSES
Production	43,334		36,439		85,605		69,522
Exploration	60		71		133		194
Taxes, transportation and other	15,234		13,201		33,115		28,774
Depreciation, depletion, and amortization	21,684		10,332		43,113		20,849
Accretion of discount in asset retirement obligation	3,828		2,781		7,641		5,565
General and administrative	9,454		4,591		11,895		7,245
Total Expenses	93,594		67,415		181,502		132,149
OPERATING LOSS	(3,715)		(10,107)		(7,298)		(7,402)
OTHER INCOME
Other income	5,851		13,842		15,368		22,255
SEGMENT INCOME FROM OPERATIONS	$	2,136	$	3,735	$	8,070	$	14,853

Reconciliation:
Interest income	300		122		403		247
Interest expense	(2,571)		(1,049)		(6,192)		(2,025)
Other Expense	(2,271)		(927)		(5,789)		(1,778)
NET INCOME (LOSS)	$	(135)	$	2,808	$	2,281	$	13,075

CASH PROVIDED BY OPERATING ACTIVITIES	$	26,854	$	22,885	$	57,464	$	48,082

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

TXO Partners, L.P. 10-Q