TXO Partners, L.P.

Previous wording

We are an independent oil and natural gas company focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas and natural gas liquid reserves in North America. Our properties are predominately located in the Permian Basin of New Mexico and Texas, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota.

Current wording

We are an independent oil and natural gas company focused on the acquisition, development, optimization and exploitation of conventional and unconventional oil, natural gas and natural gas liquid reserves in North America. Our properties are predominately located in the Permian Basin of New Mexico and Texas, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota.

Previous wording

The oil and natural gas industry is cyclical and commodity prices are highly volatile. For example, during the period from January 1, 2024 through June 30, 2025, NYMEX prices for crude oil and natural gas reached a high of $86.91 per Bbl and $4.49 per MMBtu, respectively, and a low of $57.13 per Bbl and $1.58 per MMBtu, respectively. Oil prices increased in the first half of 2024 due to hostilities in the Middle East and higher global consumption. However, increased supply led to lower prices in the second half of 2024 and into 2025. These declines accelerated in April due to the tariff announcement, the increased expectation for a global recession and additional supply. WTI crude oil prices have been volatile reaching a high of $86.91 per Bbl in April 2024 before declining to $67.34 per Bbl as of July 18, 2025. Natural gas prices reached a high of $4.49 per MMbtu in March 2025 before declining to $3.57 per MMbtu as of July 18, 2025.

Current wording

The oil and natural gas industry is cyclical and commodity prices are highly volatile. For example, during the period from January 1, 2024 through September 30, 2025, NYMEX prices for crude oil and natural gas reached a high of $86.91 per Bbl and $4.49 per MMBtu, respectively, and a low of $57.13 per Bbl and $1.58 per MMBtu, respectively. Oil prices increased in the first half of 2024 due to hostilities in the Middle East and higher global consumption. However, increased supply led to lower prices in the second half of 2024 and into 2025. These declines accelerated in April due to the tariff announcement, the increased expectation for a global recession and additional supply. WTI crude oil prices have been volatile reaching a high of $86.91 per Bbl in April 2024 before declining to $57.52 per Bbl as of October 20, 2025. Natural gas prices reached a high of $4.49 per MMbtu in March 2025 before declining to $3.40 per MMbtu as of October 20, 2025.

Previous wording

(1)Oil and condensate prices include both realized gains and losses and unrealized gains from derivatives. Unrealized gains were $3.3 million for the three months ended June 30, 2025 and $3.4 million for the three months ended June 30, 2024. Realized gains were $2.0 million for the three months ended June 30, 2025 and realized losses were $3.1 million for the three months ended June 30, 2024.

Current wording

(1)Oil and condensate prices include both realized gains and losses and unrealized gains from derivatives. Unrealized gains were $0.3 million for the three months ended September 30, 2025 and $5.7 million for the three months ended September 30, 2024. Realized losses were $0.1 million for the three months ended September 30, 2025 and there were no realized losses for the three months ended September 30, 2024.

Previous wording

(2)Natural gas liquids prices include both realized gains and unrealized gains and losses from derivatives. Unrealized gains were $12 thousand for the three months ended June 30, 2025 and unrealized losses were $0.3 million for the three months ended June 30, 2024. There were no realized gains for the three months ended June 30, 2025 and $0.2 million for the three months ended June 30, 2024.

Current wording

(2)Natural gas liquids prices include both realized gains and unrealized gains and losses from derivatives. Unrealized gains were $15 thousand for the three months ended September 30, 2025 and there were no unrealized gains for the three months ended September 30, 2024. There were no realized gains for the three months ended September 30, 2025 and less than $1 thousand for the three months ended September 30, 2024.

Previous wording

(3)Natural gas prices include both realized gains and unrealized gains and losses from derivatives. Unrealized gains were $4.1 million for the three months ended June 30, 2025 and unrealized losses were $5.5 million for the three months ended June 30, 2024. Realized gains were $5.4 million for the three months ended June 30, 2025 and $5.6 million for the three months ended June 30, 2024.

Current wording

(3)Natural gas prices include both realized gains and unrealized gains and losses from derivatives. Unrealized gains were $6.9 million for the three months ended September 30, 2025 and unrealized losses were $6.2 million for the three months ended September 30, 2024. Realized gains were $3.1 million for the three months ended September 30, 2025 and $5 thousand for the three months ended September 30, 2024.

Previous wording

Revenues increased $32.6 million, or 57%, from $57.3 million for the three months ended June 30, 2024 to $89.9 million for the three months ended June 30, 2025. Revenue increased $22.4 million due to an increase in production of 407 MBoe primarily as a result of the acquisition of producing assets in the Williston Basin being offset by natural declines in San Juan Basin and Permian Basin. Additionally, a 73% increase in the average selling price of natural gas, excluding the effects of derivatives, resulted in an increase in revenue of$5.7 million. Finally, we recognized net gains on our hedging activity of $14.5 million, of which $9.8 million were unrealized gains and $4.7 million were realized gains. These increases were partially offset by a decrease in the average selling price, excluding the effects of derivatives, on oil of 23% which resulted in a decrease in revenue of $9.7 million and on NGLs of 5% which resulted in a decrease in revenue of $0.3 million.

Current wording

Revenues increased $32.1 million, or 47%, from $68.7 million for the three months ended September 30, 2024 to $100.9 million for the three months ended September 30, 2025. Revenue increased $25.0 million due to an increase in production of 521 MBoe primarily as a result of the acquisition of producing assets in the Williston Basin being offset by natural declines in San Juan Basin and Permian Basin. Additionally, a 34% increase in the average selling price of natural gas, excluding the effects of derivatives, resulted in anincrease in revenue of $4.0 million. Finally, we recognized net gains on our hedging activity of $10.9 million, of which $7.8 million were unrealized gains and $3.1 million were realized gains. These increases were partially offset by a decrease in the average selling price on oil, excluding the effects of derivatives, on oil of 13% which resulted in a decrease in revenue of $6.5 million and on NGLs of 17% which resulted in a decrease in revenue of $1.2 million.

Previous wording

Production expenses increased $6.9 million, or 19%, from $36.4 million for the three months ended June 30, 2024 to $43.3 million for the three months ended June 30, 2025. Of this increase,$7.1 million is attributable to production from the Williston Basin acquisitions.

Current wording

Production expenses increased $8.4 million, or 21%, from $39.4 million for the three months ended September 30, 2024 to $47.9 million for the three months ended September 30, 2025. Of this increase, $8.0 million is attributable to production from the Williston Basin acquisitions.

Previous wording

On a per unit basis, production expenses decreased from $18.59 per Boe sold for the three months ended June 30, 2024 to $18.30 per Boe sold for the three months ended June 30, 2025. The decrease is primarily related to an increase in production of 407 MBoe partially offset by increased costs attributable to production from the Williston Basin acquisitions.

Current wording

On a per unit basis, production expenses decreased from $18.73 per Boe sold for the three months ended September 30, 2024 to $18.23 per Boe sold for the three months ended September 30, 2025. The decrease is primarily related to an increase in production of 521 MBoe partially offset by increased costs attributable to production from the Williston Basin acquisitions.

Previous wording

Taxes, transportation, and other increased $2.0 million, or 15%, from $13.2 million for the three months ended June 30, 2024 to $15.2 million for the three months ended June 30, 2025. The increase is primarily attributable to the increase in production and higher natural gas prices partially offset by decreased oil and NGL prices.

Current wording

Taxes, transportation, and other increased $2.2 million, or 15%, from $14.5 million for the three months ended September 30, 2024 to $16.6 million for the three months ended September 30, 2025. The increase is primarily attributable to the increase in production and higher natural gas prices partially offset by decreased oil and NGL prices.

Previous wording

On a per unit basis, taxes, transportation, and other decreased from $6.73 per Boe sold for the three months ended June 30, 2024 to $6.43 per Boe sold for the three months ended June 30, 2025. The decrease is primarily attributable to a change in production mix.

Current wording

On a per unit basis, taxes, transportation, and other decreased from $6.87 per Boe sold for the three months ended September 30, 2024 to $6.34 per Boe sold for the three months ended September 30, 2025. The decrease is primarily related to increased production partially offset by increased costs.

Previous wording

Depreciation, depletion, and amortization (“DD&A”) increased $11.4 million, or 110%, from $10.3 million for the three months ended June 30, 2024 to $21.7 million for the three months ended June 30, 2025. The increase is primarily attributable to the DD&A from increased production associated with the Williston Basin acquisitions of$9.8 million which has a higher rate than the historical properties, and a higher rate on our historical properties partially offset by decreased production.

Current wording

Depreciation, depletion, and amortization (“DD&A”) increased $10.1 million, or 75%, from $13.6 million for the three months ended September 30, 2024 to $23.7 million for the three months ended September 30, 2025. The increase is primarily attributable to the DD&A from increased production associated with the Williston Basin acquisitions of$8.9 million which has a higher rate than the historical properties, and a higher rate on our historical properties partially offset by decreased production.

Previous wording

On a per unit basis, depreciation, depletion, and amortization increased from $5.27 per Boe sold for the three months ended June 30, 2024 to $9.16 per Boe sold for the three months ended June 30, 2025. The increase is primarily related to the production associated with the Williston Basin acquisitions, which has a higher rate than the historical properties.

Current wording

On a per unit basis, depreciation, depletion, and amortization increased from $6.45 per Boe sold for the three months ended September 30, 2024 to $9.02 per Boe sold for the three months ended September 30, 2025. The increase is primarily related to the production associated with the Williston Basin acquisitions, which has a higher rate than the historical properties.

Previous wording

General and administrative (“G&A”) expenses increased $4.9 million, or 106%, from $4.6 million for the three months ended June 30, 2024 to $9.5 million for the three months ended June 30, 2025. The increase is primarily attributable to higher personnel costs of $4.0 million primarily due to amortization of unit awards and increased acquisition expenses.

Current wording

General and administrative (“G&A”) expenses increased $1.6 million, or 48%, from $3.3 million for the three months ended September 30, 2024 to $4.8 million for the three months ended September 30, 2025. The increase is primarily attributable to higher personnel costs of $1.1 million primarily due to amortization of unit awards and additional public company costs.

Previous wording

On a per unit basis, G&A expense increased from $2.34 per Boe sold for the three months ended June 30, 2024 to $3.99 per Boe sold for the three months ended June 30, 2025. The increase is primarily related to increased costs partially offset by increased production.

Current wording

On a per unit basis, G&A expense increased from $1.56 per Boe sold for the three months ended September 30, 2024 to $1.84 per Boe sold for the three months ended September 30, 2025. The increase is primarily related to increased costs partially offset by increased production.

Previous wording

Other income decreased $8.0 million, or 58%, from $13.8 million for the three months ended June 30, 2024 to $5.9 million for the three months ended June 30, 2025. The decrease is primarily attributable to the absence of $5.7 million in bonus payments on term assignment of leases and lower CO 2 and plant income of $2.4 million. The CO 2 and plant income is ancillary to the operations of the gas processing plant in the Permian Basin in New Mexico and CO 2 assets in Colorado.

Current wording

Other income decreased $1.3 million, or 21%, from $6.3 million for the three months ended September 30, 2024 to $5.0 million for the three months ended September 30, 2025. The decrease is primarily attributable to lower CO 2 and plant income of $1.4 million as a result of third-party pipeline disruptions. The CO 2 and plant income is ancillary to the operations of the gas processing plant in the Permian Basin in New Mexico and CO 2 assets in Colorado.

Previous wording

Interest expense increased $1.5 million, or 145%, from $1.0 million for the three months ended June 30, 2024 to $2.6 million for the three months ended June 30, 2025. The increase is primarily attributable to increased borrowings partially offset by a lower interest rate.

Current wording

Interest expense increased $2.6 million, or 142%, from $1.9 million for the three months ended September 30, 2024 to $4.5 million for the three months ended September 30, 2025. The increase is primarily attributable to increased borrowings and amortization of capitalized debt costs partially offset by a lower average interest rate.

Previous wording

(1)Oil and condensate prices include both realized gains and losses and unrealized gains from derivatives. Unrealized gains were $6.4 million for the six months ended June 30, 2025 and $3.2 million for the six months ended June 30, 2024. Realized gains were $2.1 million for the six months ended June 30, 2025 and realized losses were $5.6 million for the six months ended June 30, 2024.

Current wording

(1)Oil and condensate prices include both realized gains and losses and unrealized gains from derivatives. Unrealized gains were $6.7 million for the nine months ended September 30, 2025 and $8.9 million for the nine months ended September 30, 2024. Realized gains were $2.0 million for the nine months ended September 30, 2025 and realized losses were $5.6 million for the nine months ended September 30, 2024.

Previous wording

(2)Natural gas liquids prices include both realized gains and unrealized losses from derivatives. Unrealized losses were $1 thousand for the six months ended June 30, 2025 and unrealized losses were $0.5 million for the six months ended June 30, 2024. There were no realized gains for the six months ended June 30, 2025 and $0.5 million for the six months ended June 30, 2024.

Current wording

(2)Natural gas liquids prices include both realized gains and unrealized losses from derivatives. Unrealized gains were $14 thousand for the nine months ended September 30, 2025 and unrealized losses were $0.5 million for the nine months ended September 30, 2024. There were no realized gains for the nine months ended September 30, 2025 and $0.5 million for the nine months ended September 30, 2024.

Previous wording

(3)Natural gas prices include both realized gains and unrealized losses from derivatives. Unrealized losses were $6.5 million for the six months ended June 30, 2025 and $5.7 million for the six months ended June 30, 2024. Realized gains were $3.4 million for the six months ended June 30, 2025 and $7.4 million for the six months ended June 30, 2024.

Current wording

(3)Natural gas prices include both realized gains and unrealized losses from derivatives. Unrealized gains were $0.4 million for the nine months ended September 30, 2025 and unrealized losses were $11.9 million for the nine months ended September 30, 2024. Realized gains were $6.6 million for the nine months ended September 30, 2025 and $7.4 million for the nine months ended September 30, 2024.

Previous wording

Revenues increased $49.5 million, or 40%, from $124.7 million for the six months ended June 30, 2024 to $174.2 million for the six months ended June 30, 2025. The increase was primarily attributable to a 689 MBoe increase in production which resulted in a $46.1 million increase in revenue primarily as a result of the acquisition of producing assets in the Williston Basin being offset by natural declines in San Juan Basin and Permian Basin. Additionally, a 32% increase in the average selling price of natural gas, excluding the effects of derivatives, resulted in an increase in revenue of $9.4 million and on NGLs of 9% resulted in an increase in revenue of $1.2 million. Finally, we recognized net gains on our hedging activity of $6.1 million, of which $2.8 million were unrealized gains and $3.2 million were realized gains. These increases were partially offset by a decrease in the average selling price, excluding the effects of derivatives, on oil of 16% which resulted in a decrease in revenue of $13.3 million.

Current wording

Revenues increased $81.6 million, or 42%, from $193.5 million for the nine months ended September 30, 2024 to $275.1 million for the nine months ended September 30, 2025. The increase was primarily attributable to a 1,210 MBoe increase in production which resulted in a $71.3 million increase in revenue primarily as a result of the acquisition of producing assets in the Williston Basin being offset by natural declines in San Juan Basin and Permian Basin. Additionally, a 33% increase in the average selling price of natural gas, excluding the effects of derivatives, resulted in an increase in revenue of $13.2 million. Finally, we recognized net gains on our hedging activity of $16.9 million, of which $10.6 million were unrealized gains and $6.3 million were realized gains. These increases were partially offset by a decrease in the average selling price, excluding the effects of derivatives, on oil of 15% and NGLs of 1%, which resulted in a decrease in revenue of $19.8 million on oil and $0.1 million on NGLs.

Previous wording

Production expenses increased $16.1 million, or 23%, from $69.5 million for the six months ended June 30, 2024 to $85.6 million for the six months ended June 30, 2025. Of this increase, $15.5 million is attributable to production from the Williston Basin acquisitions.

Current wording

Production expenses increased $24.5 million, or 22%, from $109.0 million for the nine months ended September 30, 2024 to $133.5 million for the nine months ended September 30, 2025. Of this increase, $23.5 million is attributable to production from the Williston Basin acquisitions.

Previous wording

On a per unit basis, production expenses increased from $17.35 per Boe sold for the six months ended June 30, 2024 to $18.23 per Boe sold for the six months ended June 30, 2025. The increase is primarily related to the increased costs per Boe from our historical properties as decreased production and increased maintenance, labor and chemical costs in these properties resulted in higher costs per Boe.

Current wording

On a per unit basis, production expenses increased from $17.83 per Boe sold for the nine months ended September 30, 2024 to $18.23 per Boe sold for the nine months ended September 30, 2025. The increase is primarily related to the increased costs per Boe from our historical properties as decreased production and increased maintenance, energy, labor and chemical costs in these properties resulted in higher costs per Boe.

Previous wording

Taxes, transportation, and other increased $4.3 million, or 15%, from $28.8 million for the six months ended June 30, 2024 to $33.1 million for the six months ended June 30, 2025. The increase is primarily attributable to the increase in production and natural gas and NGLs prices partially offset by decreased oil prices.

Current wording

Taxes, transportation, and other increased $6.5 million, or 15%, from $43.2 million for the nine months ended September 30, 2024 to $49.8 million for the nine months ended September 30, 2025. The increase is primarily attributable to the increase in production and natural gas prices partially offset by decreased oil and NGL prices.

Previous wording

On a per unit basis, taxes, transportation, and other decreased from $7.18 per Boe sold for the six months ended June 30, 2024 to $7.05 per Boe sold for the six months ended June 30, 2025. The decrease is primarily attributable to a change in production mix.

Current wording

On a per unit basis, taxes, transportation, and other decreased from $7.07 per Boe sold for the nine months ended September 30, 2024 to $6.80 per Boe sold for the nine months ended September 30, 2025. The decrease is primarily attributable to increased production partially offset by increased costs.

Previous wording

Depreciation, depletion, and amortization increased $22.3 million, or 107%, from $20.8 million for the six months ended June 30, 2024 to $43.1 million for the six months ended June 30, 2025. The increase is attributable to the DD&A from increased production associated with the Williston Basin acquisitions of $19.8 million which has a higher rate than the historical properties, and a higher rate on our historical properties partially offset by decreased production.

Current wording

Depreciation, depletion, and amortization increased $32.4 million, or 94%, from $34.4 million for the nine months ended September 30, 2024 to $66.8 million for the nine months ended September 30, 2025. The increase is attributable to the DD&A from increased production associated with the Williston Basin acquisitions of $28.6 million which has a higher rate than the historical properties, and a higher rate on our historical properties partially offset by decreased production.

Previous wording

On a per unit basis, depreciation, depletion, and amortization increased from $5.20 per Boe sold for the six months ended June 30, 2024 to $9.18 per Boe sold for the six months ended June 30, 2025. The increase is primarily related to the production associated with the Williston Basin acquisitions, which has a higher rate than the historical properties.

Current wording

On a per unit basis, depreciation, depletion, and amortization increased from $5.63 per Boe sold for the nine months ended September 30, 2024 to $9.12 per Boe sold for the nine months ended September 30, 2025. The increase is primarily related to the production associated with the Williston Basin acquisitions, which has a higher rate than the historical properties.

Previous wording

General and administrative (“G&A”) expenses increased $4.7 million, or 64%, from $7.2 million for the six months ended June 30, 2024 to $11.9 million for the six months ended June 30, 2025. The increase is primarily attributable to higher personnel costs of $3.2 million due primarily to amortization of unit awards, additional expenses related to being a public company and increased acquisition expenses.

Current wording

General and administrative (“G&A”) expenses increased $6.2 million, or 59%, from $10.5 million for the nine months ended September 30, 2024 to $16.7 million for the nine months ended September 30, 2025. The increase is primarily attributable to higher personnel costs of $4.3 million due primarily to amortization of unit awards and increased public company costs and acquisition expenses.

Previous wording

On a per unit basis, G&A expense increased from $1.81 per Boe sold for the six months ended June 30, 2024 to $2.53 per Boe sold for the six months ended June 30, 2025. The increase is primarily related to increased costs partially offset by increased production.

Current wording

On a per unit basis, G&A expense increased from $1.72 per Boe sold for the nine months ended September 30, 2024 to $2.28 per Boe sold for the nine months ended September 30, 2025. The increase is primarily related to increased costs partially offset by increased production.

Previous wording

Other income decreased $6.9 million, or 31%, from $22.3 million for the six months ended June 30, 2024 to $15.4 million for the six months ended June 30, 2025. The decrease is primarily attributable to the absence of $4.0 million in bonus payments on term assignment of leases and lower CO 2 and plant income of $2.7 million. The CO 2 and plant income is ancillary to the operations of the gas processing plant in the Permian Basin in New Mexico and CO 2 assets in Colorado.

Current wording

Other income decreased $8.2 million, or 29%, from $28.6 million for the nine months ended September 30, 2024 to $20.4 million for the nine months ended September 30, 2025. The decrease is primarily attributable to the absence of $4.0 million in bonus payments on term assignment of leases and lower CO 2 and plant income of $4.1 million. The CO 2 and plant income is ancillary to the operations of the gas processing plant in the Permian Basin in New Mexico and CO 2 assets in Colorado.

Previous wording

Interest expense increased $4.2 million, or 206%, from $2.0 million for the six months ended June 30, 2024 to $6.2 million for the six months ended June 30, 2025. The increase is primarily attributable to the increased borrowings partially offset by a lower interest rate.

Current wording

Interest expense increased $6.8 million, or 175%, from $3.9 million for the nine months ended September 30, 2024 to $10.7 million for the nine months ended September 30, 2025. The increase is primarily attributable to the increased borrowings and amortization of capitalized loan costs partially offset by a lower average interest rate.

Previous wording

Our primary sources of liquidity and capital will be cash flows generated by operating activities and borrowings under our Credit Facility. Outstanding borrowings under our Credit Facility were $12.0 million at June 30, 2025 and$150.0 million at December 31, 2024, and the remaining availability under our Credit Facility was $263.0 million at June 30, 2025 and $125.0 million at December 31, 2024. Additionally, we had positive net working capital (including cash and excluding the effects of derivative instruments) of $1.4 million at June 30, 2025 andnegative net working capital of $2.5 million at December 31, 2024.

Current wording

Our primary sources of liquidity and capital will be cash flows generated by operating activities and borrowings under our Credit Facility. Outstanding borrowings under our Credit Facility were $264.0 million at September 30, 2025 and$150.0 million at December 31, 2024, and the remaining availability under our Credit Facility was $146.0 million at September 30, 2025 and $125.0 million at December 31, 2024. Additionally, we had negative net working capital (including cash and excluding the effects of derivative instruments) of $86.3 million at September 30, 2025 andnegative net working capital of $2.5 million at December 31, 2024.

Previous wording

All of the funds, or$233.8 million, to close the WRE Acquisition were borrowings under our Credit Facility, which is expected to increase our net-debt-to-EBITDAX ratio to between 1.0 times and 1.5 times.

Current wording

All of the funds, or$233.8 million, to close the WRE Acquisition were borrowings under our Credit Facility, which increased our net-debt-to-EBITDAX ratio to between 1.0 times and 1.5 times.

Previous wording

Our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) to our unitholders. Our quarterly cash distributions may vary from quarter to quarter as a direct result of variations in the performance of our business, including those caused by fluctuations in the prices of oil and natural gas. Such variations may be significant and quarterly distributions paid to our unitholders may be zero. Our second quarter distribution of $0.45 per unit with respect to cash available for distribution for the three months ended June 30, 2025, was declared on August 5, 2025 and will be paid on August 22, 2025 to unitholders of record on August 15, 2025.

Current wording

Our partnership agreement requires that we distribute all of our available cash (as defined in the partnership agreement) to our unitholders. Our quarterly cash distributions may vary from quarter to quarter as a direct result of variations in the performance of our business, including those caused by fluctuations in the prices of oil and natural gas. Such variations may be significant and quarterly distributions paid to our unitholders may be zero. Our third quarter distribution of $0.35 per unit with respect to cash available for distribution for the three months ended September 30, 2025, was declared on November 4, 2025 and will be paid on November 21, 2025 to unitholders of record on November 14, 2025.

Previous wording

Our acquisition and development expenditures consist of acquisitions of proved, unproved and other property and development expenditures. Our capital expenditures including acquisitions were $49.6 million for the six months ended June 30, 2025 and $38.5 million for the six months ended June 30, 2024.

Current wording

Our acquisition and development expenditures consist of acquisitions of proved, unproved and other property and development expenditures. Our capital expenditures including acquisitions were $305.4 million for the nine months ended September 30, 2025 and $273.0 million for the nine months ended September 30, 2024.

Previous wording

We incurred costs of approximately $15.2 million for drilling, completion and recompletion activities and facilities costs in the six months ended June 30, 2025 and we have budgeted approximately $65.0 million for such costs in 2025.

Current wording

We incurred costs of approximately $46.1 million for drilling, completion and recompletion activities and facilities costs in the nine months ended September 30, 2025 and we have budgeted approximately $65.0 million for such costs in 2025.

Previous wording

Based on current commodity prices and our drilling success rate to date, we expect to be able to fund our distributions, meet our debt obligations and fund our 2025 capital development programs from cash flow from operations and borrowings under our Credit Facility.

Current wording

Based on current commodity prices and our drilling success rate to date, we expect to be able to fund our distributions, meet our debt obligations and fund our 2025 capital development programs from cash flow from operations, the Offering and borrowings under our Credit Facility.

Previous wording

Net cash provided by operating activities increased $9.4 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to improved operating results, excluding the effects of derivatives, primarily due to increased revenues.

Current wording

Net cash provided by operating activities increased $16.9 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to improved operating results, excluding the effects of derivatives, primarily due to increased revenues partially offset by increased costs.

Previous wording

Net cash used by investing activities increased $11.1 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to increased development costs of $6.8 million and an increase in proved property acquisitions of $4.8 million partially offset by a decrease in other asset additions of $0.4 million.

Current wording

Net cash used by investing activities increased $32.4 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to increased development costs of $25.2 million and an increase in proved property acquisitions of $8.1 million partially offset by a decrease in other asset additions of $0.7 million.

Previous wording

Net cash used by financing activities

Current wording

Net cash provided by financing activities

Previous wording

Net cash provided by (used in) financing activities decreased $69.1 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to an increase in net repayments under our Credit Facility of $117.0 million and increased distributions to unitholders of $18.0 million partially offset by increased net proceeds from public offering of $67.0 million.

Current wording

Net cash provided by financing activities increased $14.1 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to an increase in net proceeds from public offering of $48.3 million partially offset by increased net repayments under our Credit Facility of $13.0 million and increased distributions to unitholders of $20.6 million.