Updated
The most significant concentration TXO Partners discloses is Permian, San Juan and Williston Basins, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: TXO Partners’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'Currently, our producing properties are concentrated in the Permian, San Juan and Williston Basins, making us vulnerable to risks associated with operating in a limited number of geographic areas.'”
“10-K Item 1A: 'our interest in Cross Timbers represented approximately 18% of our revenues excluding the effects of our commodity derivative contracts and approximately 18% of our proved reserves.'”
TXO Partners' concentration risk is primarily geographic. The company's producing properties are concentrated in the Permian, San Juan, and Williston Basins, which the filing explicitly flags as making the company vulnerable to risks associated with operating in a limited number of geographic areas. This is a structural exposure tied to the nature of an upstream oil and gas business rather than a dependency on any single customer — the company's fortunes are closely linked to regional operating conditions, regulatory environments, and commodity dynamics across these three basins specifically. A more specific dependency sits within that geographic footprint: the company's interest in the Cross Timbers joint venture represented approximately 18% of revenues, excluding the effects of commodity derivative contracts, and approximately 18% of proved reserves. This is a disclosed low share tied to a single counterparty relationship, meaning it is a smaller but still notable piece of the overall picture — a disruption at the Cross Timbers venture specifically would have a contained rather than dominant effect on TXO's overall revenue and reserve base. Netting the two together, the basin concentration is the more consequential exposure given its structural, portfolio-wide nature, while the Cross Timbers stake is a secondary, more contained dependency layered on top of it.
For the engine’s reasoning on TXO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKV | BKV Corporation | 4 | 0 | 0 | 4 |
| CHRD | Chord Energy Corporation | 2 | 1 | 0 | 3 |
| BSM | Black Stone Minerals, L.P. | 1 | 1 | 1 | 3 |
| TXO● | TXO Partners, L.P. | 1 | 0 | 1 | 2 |
| APA | APA Corporation | 0 | 0 | 0 | 0 |
| AR | Antero Resources Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.