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Baker Botts Represents the Underwriters in the Initial Public Offering of TXO Energy Partners, L.P.


Deal Description: On January 26, 2023, MorningStar Partners, L.P., which will be renamed TXO Energy Partners, L.P. (“TXO”), announced the pricing of its initial public offering of 5,000,000 common units representing limited partner interests, in the first initial public offering of a master limited partnership taxed as a partnership since 2017. TXO has granted the underwriters an option to purchase up to an additional 750,000 common units from TXO at the initial public offering price, less underwriting discounts and commissions.  TXO’s common units are expected to begin trading on the New York Stock Exchange under the ticker symbol “TXO.”  The offering is expected to close on January 31, 2023, subject to customary closing conditions.

TXO expects to receive net proceeds of approximately $88.0 million, after deducting underwriting discounts and commissions and excluding any exercise of the underwriters’ option to purchase additional common units. TXO intends to use the net proceeds to repay a portion of the amounts outstanding under its revolving credit facility.

TXO Energy Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO’s current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.

Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated, Janney Montgomery Scott LLC and Capital One Securities, Inc. are acting as joint book-running managers for the offering.

Baker Botts L.L.P. represented the underwriters in this offering.

Baker Botts Lawyers/Office Involved:

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

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