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TXO Energy Partners prepares the year's first energy IPO

January 26, 2023

TXO Energy Partners LP (TXO) is set to become the year's first listing from the energy sector, and the second US IPO to raise $100mm+. The US oil and gas producer is scheduled to trade on Friday.

Led by experienced oilman Bob Simpson, TXO has targeted a low-growth, high-dividend strategy by focusing on vertically-drilled wells with low decline rates in the Permian and San Juan Basins.

Since 2018, there have been 17 energy IPOs in the US, representing a mix of E&Ps, providers of drilling and other services, equipment manufacturers, and LNG infrastructure plays. Heavily dependent on volatile oil prices, activity from the sector dropped off entirely in 2020, and just four deals came to market across 2021 and 2022.

The group below averages a modest...

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