Clifford Chance Advises on $201M TXO Partners Offering.
Clifford Chance has advised the underwriters in the public offering of 13,416,667 common units of TXO Partners, L.P., representing limited partner interests.
The transaction generated approximately $201 million in gross proceeds, inclusive of the underwriters’ full exercise of their option to purchase additional units.
The proceeds will be used to finance TXO’s acquisition of oil and gas assets located in the Williston Basin from White Rock Energy, LLC, a portfolio company of Quantum Capital Group.
The deal team was led by partners Om Pandya and Trevor Lavelle, with support from capital markets associates Paul Lakkis, Johnathan Walker, and Nick Mitchell. David Sweeney and Joclynn Marsh provided guidance on oil and gas matters, while Todd Lowther and Sharon Yu advised on tax issues.
Environmental matters were handled by Ty’Meka Reeves-Sobers and Hannah Ebersole.
TXO Partners, L.P. is a publicly traded master limited partnership listed on the New York Stock Exchange under the ticker TXO. The firm focuses on acquiring, developing, and operating conventional oil, natural gas, and natural gas liquid reserves across North America, with primary operations in the Permian, San Juan, and Williston Basins. TXO leverages a seasoned management team to enhance asset performance through efficient production practices and maintains a conservative capital structure to ensure financial flexibility. As of May 2025, the company reported a market capitalization of approximately $819 million with a stock price of around $15.44.
Clifford Chance is a global law firm with over a century of history and a presence in 23 countries through 34 offices. A member of the prestigious Magic Circle, the firm is recognized for its deep expertise in banking, corporate law, finance, dispute resolution, and tax. It advises a broad spectrum of clients, including multinational corporations, financial institutions, governments, and not-for-profits by combining international best practices with local market insight. Known for its collaborative culture and forward-thinking approach, Clifford Chance delivers innovative, high-quality legal solutions across every major industry and sector.
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